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My LLC was done in 2008 and I've been using my Sole Prop EIN…

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My LLC was done in...
My LLC was done in 2008 and I've been using my Sole Prop EIN ever since. I need a new EIN for the LLC with s corp election because I have an employee and the DC gov't is requiring that I have a new one. Am I in trouble since I didn't get a new one at the time I hired the employee or selected s-corp tax status?
Submitted: 1 year ago.Category: Tax
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Answered in 36 minutes by:
3/21/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,227
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. Looks like no one's picking this up. My name's Lane. I can help you here.

...

First, a single member LLC is what IRS refers to as a disregarded entity. You use your Social Security number for all filing (except for payroll taxes, when you have an employee).

...

IRS prefers that you use the SS# ***** yourself simply because of the fact that a single member LLC IS a disregarded entity. It's you... The only reason a single member LLC gets an EIN is to open a business bank account (most banks require this).

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HOWEVER, in my 30 years experience I've never seem then take the time to FORCE someone using an EIN for their single member LLC to report with (schedule C, etc) becasue it doesn't result in any more taxes being owed.

...

And no you are not in trouble because that EIN WOULD be the one used to pay the payroll taxes with (from 941's the quarterly payroll tax form REQUIRE an EIN)

...

But no simply there is no need to get a NEW EIN when you file for LLC status, AGAIN, because this is still the same entity, from a TAX perspective.

...

It would only be if you incorporated (C-COrp) or formed a partnership - which is different for simply electing S-Corp status for your LLC - that you would need the NEW EIN.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 year ago

Again, electing S-Corp taxation for your LLC is not Incorporating.

...

Please let me know if you have ANY questions at all, before rating me

But if this has helped, (and you don’t have other questions), I would appreciate a positive rating - using those stars on your screen – and clicking submit.

That’s the only way JustAnswer will compensate me for the work here.

Thanks,

Lane

I hold a law degree, concentrating in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice on three continents, since 1986.

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,227
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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