DGAA bLAWg

Does your LLC have an TIN? - Understanding the New IRS Regulation Requirements for LLCs

Web Admin - Monday, January 23, 2017

Palatine corporate law attorneysAlthough most business owners are honest citizens, the few who are not have created a slew of regulatory requirements for everyone else. Case in point: the IRS now mandates that foreign-owned, single-member limited liability companies (LLCs) must obtain a U.S. tax identification number (TIN). Learn more about this new regulation, and how it may impact your business, in the following sections.

Understanding the Purpose of the New Regulation

The new regulation, which is supposed to ensure the United States is in line with requirements from the Financial Action Task Force (FATF), has been put into place to combat issues of tax evasion, money laundering, and terrorist financing. In addition to the requirement that all LLCs obtain a TIN, LLCs must also collect or obtain an employer identification number (EIN) for all members. Further, members may be required to file an annual tax return. 

Understanding the Potential Consequences

Failure to comply with the new regulations can, at the very least, result in serious penalties. If found to be willful, consequences could also include criminal charges, which typically carry hefty penalties, fines, and possibly even jail time. To avoid such consequences, it is critical that all LLC partners follow the new guideline. If you have questions about this new regulation, or any other regulations that may be imposed on your company, an experienced business law attorney can help.

Ensure Your Business is Compliant with All Federal Regulations 

Whether you have just started a new business, are planning to start up one in the near future, or have been in business for years, compliance with all federal regulations is critical to your company’s success. Obtaining a TIN is just one step in this complex but necessary process. Use this January to protect your company and its future with assistance from an experienced business law attorney. Able to review your company records to ensure you are properly governing your company, they can help you avoid possible personal liabilities.

Contact Our Palatine Corporate Law Attorneys

At Drost, Gilbert, Andrew & Apicella, LLC, we understand the complexities and issues your business may face. Dedicated and experienced, we strive to protect you and your company from legal issues. Learn more about how our Palatine corporate law attorneys can help you. Call 847-934-6000 and schedule a consultation with us today.

About the Author: Attorney Jay Andrew is a founding partner of Drost, Gilbert, Andrew & Apicella, LLC. He is a graduate of the University of Dayton School of Law and has been practicing in estate planning, probate, trust administration, real estate law, residential/ commercial leasing, contracts, and civil litigation. Since 2005, Jay has been a Chair of the Mock Trial Committee for the Annual Northwest Suburban Bar Association High School Mock Trial Invitation which serves over 240 local Illinois students each year.

Source:Janet Rae Montgomery-ISBA Estate Planning and Probate  “Dodoes, Loopholes, Defects and Other News Nuggets”

'Tis the Season... for Gift Taxes

Web Admin - Tuesday, December 16, 2014

Illinois gift tax, Arlington Heights estate planning attorneyOnce again, it is that time of year, the time when families get together to exchange gifts, and spend quality time together. During this season, people do not ordinarily consider their taxes. After all, the middle of winter is almost as far away from April 15th as someone can get. Nevertheless, the gifts people give during this time of year can have a long-term impact on their tax situation thanks to the gift tax. Gift giving during a person's life is often a good way for someone to avoid estate taxes, so careful planning around this time of year can leave someone's family in a much better financial position.

What Gift Givers Should Know

Gift givers are the ones most on the hook for understanding the tax law when dealing with gifts. The most important thing for gift givers to understand is the fact that they are working under two separate but related gift giving limits. The first limit is known as the annual gift tax exclusion. This is the amount per year that any gift giver may give to any single person. The IRS has set that exclusion at $14,000 for both 2014 and 2015. If a person goes over that limit, then he or she must file a gift tax return. However, this does not necessarily mean that he or she must pay any taxes on the gift.

Filing a gift tax return triggers the second limit that gift givers are working under, the lifetime exemption. The lifetime exemption is the total amount of money that gift givers are allowed to give away over their yearly exemption before they start to owe taxes. The current lifetime exemption is $5.34 million. This means that if a person gives away $20,000 to a single person in a single year, then he or she must subtract $6,000 from his or her lifetime exemption. This is especially important because the lifetime exemption never resets and applies to estate taxes as well. For example, if a person gives away enough during his or her lifetime that he or she has used up $2.34 million of his or her lifetime exemption, then only the first $3 million of his or her estate's distributions are tax free. The rest may be subject to a tax rate of up to 40 percent.

What Receivers Should Know

Gift receivers have a much simpler set of rules to work under. Ordinarily, the gift giver pays the gift tax, and the receiver does not have to worry. If the person giving the gift does not pay the tax, then the IRS may come after the receiver, but usually people giving money in excess of the annual exclusion can also cover the gift tax. Additionally, people receiving five or six figure sums from foreign sources may also have to report that.

Tax day may come but once a year, but tax planning is a year round problem. If you have questions about how best to manage your estate, contact an Arlington Heights estate planning attorney today. The law firm of Drost, Gilbert, Andrew & Apicella, LLC serves clients in many northwest suburbs including Palatine, Schaumburg, Barrington, Inverness, Mount Prospect, Long Grove, Kenilworth, Riverwood, and South Barrington.

About the Author: Attorney Jay Andrew is a founding partner of Drost, Gilbert, Andrew & Apicella, LLC. He is a graduate of the University of Dayton School of Law and has been practicing in estate planning, probate, trust administration, real estate law, residential/ commercial leasing, contracts, and civil litigation. Since 2005, Jay has been a Chair of the Mock Trial Committee for the Annual Northwest Suburban Bar Association High School Mock Trial Invitation which serves over 240 local Illinois students each year.


Recent Posts


Tags

Crystal Lake accident attorney Rolling Meadows tax attorney Rolling Meadows traffic law firm Palatine traffic accidents Arlington Heights Traffic Lawyer Chicago biking tips Crystal Lake civil litigation lawyer medical malpractice DUI Schaumburg wrongful death attorney insurance dispute attorney Rolling Meadows criminal attorney Schaumburg car accident attorney Illinois elder law attorney real estate leasing Arlington Heights traffic attorney Illinois defective products attorney hit and run accident startup company Palatine Attorney traffic tickets Crystal Lake medical malpractice law firm Des Plaines personal injury lawyer rollover car crashes personal injury, auto accident injuries, delayed injuries, serious injuries, Des Plaines personal injury attorneys Arlington Heights wills and trusts attorneys healthcare claims vacation home Whistleblower Claims real estate attorney loss of consortium Crystal Lake criminal defense attorney Buffalo Grove personal injury attorney texting and driving Deer Park workers compensation lawyer eluding a police officer Rolling Meadows car accident lawyers Illinois will lawyer Illinois personal injury lawyers Palatine traffic lawyer whistleblower protections child safety loopholes IRS Illinois insurance dispute lawyers license revocation Illinois living will Buffalo Grove traffic lawyers Barrington workers compensation attorney Forcible Entry clemency Illinois real estate lawyer Crystal Lake estate planning lawyer digital evidence trench injuries medical marijuana drugs Crystal Lake employment law attorney Rolling Meadows criminal lawyer workers compensation Buffalo Grove law firm foreclosure marijuana POA hiring employees trusts Palatine insurance lawyer Buffalo Grove traffic attorney probate process Arlington Heights insurance attorney Des Plaines real estate lawyer insurance agent negligence boating under the influence real estate lawyer golf accidents medical malpractice claims Palatine probate lawyer trustee medical malpractice compensation Illinois Sales Representative Act trust payments Illinois employment lawyer Illinois injury lawyer capital gains tax preventable medical errors car crash injuries life insurance Inverness civil lawyer elder abuse BUI Illinois driving without license fatal car accidents Des Plaines personal injury lawyers Des Plaines collections attorney Legal Info sole proprietorship workers compensation benefits unpaid assessment expungement Des Plaines personal injury attorney bicycle accidents Inverness elder law lawyer Inverness real estate lawyer Chicago lawyer DMV DNR Barrington criminal lawyer Exclusions field sobriety test texting while driving Des Plaines pet law attorney accidental death benefits living trust vs will Illinois law insurance dispute insurance attorney Barrington employment law firm Barrington attorney Buffalo Grove employment lawyer Crystal Lake bike accident lawyer insurance disputes Arlington Heights injury attorney Des Plaines criminal attorney criminal defense Schaumburg estate planning attorney probate claims process special needs trust Illinois insurance attorney privacy laws Illinois boating accident lawyer Illinois medical malpractice claim Rolling Meadows medical malpractice lawyers Rolling Meadows personal injury lawyer civil rights violation murder charges personal injury accidents drunk driving statistics Mount Prospect elder law attorney pay when paid contract first degree murder privacy Arlington Heights Attorney Arlington Heights wills and trusts lawyer taxes Illinois employee rights attorney. liability college kids Crystal Lake insurance lawyer work unions Arlington Heights wills and trusts attorney Illinois traffic ticket lawyer tax attorney estate planning trusts distracted driving accident victims car collision Illinois medical malpractice lawyers Illinois employment law insurance denials changes to mortgage law compensatory time home inspection lawyer Illinois collections attorney Long Grove real estate lawyer rent to own real estate contracts employment law ObamaCare appealing an insurance claim Arlington Heights tax lawyer Chicago traffic lawyer Inverness accident lawyer insurance agents IRA benefits criminal law comp time power of attorney for healthcare bike accident insurance negligence Illinois bicycle safety meal breaks Riverwoods estate planning lawyer no contest clauses Illinois Landlord Tenant Ordinance job lawyers Colin H. Gilbert insurance disputes, Illinois insurance disputes, Illinois insurance dispute attorneys, denied insurance claims, Arlington Heights insurance dispute attorneys Illinois red light cameras Illinois business lawyer Crystal Lake car accident lawyer federal crimes estate attorney caregiver life insurance lawyer Rolling Meadows Illinois traffic attorneys insurance denial appeals Palatine corporate attorney Chicago attorney personal injury attorney automated cars corporate law Arlington Heights car accident lawyer Arlington Heights medical malpractice lawyer Chicago employment attorney Buffalo Grove personal injury lawyer motorcycle accident Illinois workplace lawyer Crystal Lake traffic attorney pain and suffering pet bites healthcare caretaker rights Arlington Heights criminal lawyer Kenilworth estate planning attorneys personal injury claims Crystal Lake pet attorney Schaumburg corporate attorney Illinois traffic laws Rolling Meadows accident lawyer Illinois wills and trusts attorneys DUI attorney financial advisors Barrington employment law attorney distracted driving accidents spinal cord injuries Crystal Lake law firm Palatine law firm Long Grove estate planning attorneys unpaid overtime Illinois traffic attorney Home Remodeling Repair Act Schaumburg criminal law attorney Barrington business law firm insurance claim dispute attorney contracts ACA car accident lawyers traffic violations defense dram shop law digital assets motorcycle accident lawyer South Barrington real estate attorney Buffalo Grove car accident lawyer suspended license Rolling Meadows Attorney pedestrian accidents insurance claim Rolling Meadows insurance attorney income distribution deducation Illinois pet lawyer defective products Illinois car accident attorney commercial real estate life insurance policy Long Grove estate planning attorney Arlington Heights wills and trusts lawyers Illinois Workers’ Compensation Commission Illinois employment law attorneys overtime violations real estate employment law, Illinois employment laws Arlington Heights employment law attorneys license reinstatement cell phone accidents Federal Food Drug and Cosmetic Act Illinois employment law firm Barrington personal injury lawyer Des Plaines civil attorney Arlington Heights real estate lawyer Mount Prospect real estate lawyer preventing accidents living trust traumatic brain injury Illinois criminal defense attorney comparative negligence DGAA Palatine trusts lawyer insurance dispute, insurance dispute lawyers, insurance claim denial, insurance claim delays, Rolling Meadows insurance dispute attorneys personal injury law firm Des Plaines Long Grove real estate attorney Illinois mortgages Thanksgiving construction accidents speeding Palatine construction attorney Buffalo Grove corporate attorney Inverness corporate attorney living trust benefits Fourth of July crossover accidents Illinois Transfer on Death Instrument rollover accidents Home Sale Contingencies Schaumburg estate planning lawyer underfunded trust Des Plaines injury law firm breach of contract medical malpractice, missed diagnosis, delayed diagnosis, medical mistake, Deer Creek medical malpractice lawyers business litigation insurance claim denial insurance claim dispute Palatine civil attorney murder defense estate plan traffic laws spinal cord injury Illinois small business fault based insurance GM ignition switches Illinois Human Rights Act Schaumburg personal injury attorney Illinois insurance claims lawyers subcontractor Barrington boating accident attorney boating DUI Barrington drug crime attorney Rolling Meadows corporate lawyer swimming pools institutional trustee slip and fall Liquor Control Act Palatine real estate lawyer Rolling Meadows employment law attorneys Schaumburg real estate lawyer Chicago insurance claim attorneys Crystal Lake medical malpractice lawyer Rolling Meadows insurance lawyer Palatine elder law attorney Illinois home inspection South Barrington real estate lawyer Illinois insurance claim dispute lawyer Illinois jet ski accident lawyer workers comp Palatine drug lawyer fiduciary rule Des Plaines motorcycle accident attorney icy parking lots underage DUI jet ski accidents pedestrian accident denial of life insurance Palatine employment attorney Detainer Actions condo association truck collisions premises liability car accidents power of attorney Illinois personal injury sexual harassment construction contracts Deer Park medical malpractice attorney Arlington Heights trucking lawyer employment contract Mount Prospect wills and trusts lawyers foreclosed rental property Kenilworth estate planning lawyer anesthesia errors Palatine employment lawyer unfunded trust DUI penalities Illinois lawyer Illinois trucking safety Crystal Lake medical malpractice attorneys Illinois wills and trusts Rolling Meadows probate lawyer bad faith insurance claims boating accidents Do Not Resuscitate pedestrian injuries, pedestrian fatality marijuana crimes attorney Des Plaines drug crimes lawyer manufacturing Crystal Lake personal injury attorney Illinois tax attorney drunk driving Illinois motorcycle accident lawyer Schaumburg insurance lawyers Illinois construction accident attorney Rolling Meadows personal injury lawyers Buffalo Grove medical malpractice lawyers Illinois insurance claim dispute lawyers head on collisions homestead rights wrongful termination, employment law, whistleblower protections, Illinois employment laws, discrimination in the workplace Chicago insurance law firm consent to a search traffic crimes employment contract, employment law, employment at-will, Deer Park employment law attorneys, contract, Deer Park personal injury lawyer Rolling Meadows DUI lawyer minimum wage Crystal Lake traffic lawyer Illinois estate planning law firm food poisoning Palatine estate planning lawyer real estate closing Illinois employment laws Chicago estate planning lawyer Rolling Meadows personal injury attorney Deer Park traffic lawyer Illinois attorney Rolling Meadows traffic attorney brain injury insurance claims Illinois insurance disputes real estate attorneys CAM Palatine workers compensation lawyer insurance adjusters Illinois personal injury attorney Inverness DUI lawyer senior citizens Illinois workplace discrimination attorney Kenilworth estate planning attorney estate planning for college students construction accidents, personal injury, wrongful death, Arlington Heights personal injury attorneys, workers' compensation medical research criminal Illinois LLC creation employee discrimination Buffalo Grove probate lawyer Schaumburg criminal attorney Schaumburg personal injury lawyer jet ski natural gas digital information natural gas explosion FSLA llinois Real Estate Lawyers Association holiday statistics pet law license suspension Illinois insurance lawyer ken apicella Employment Discrimination Law Arlington Heights personal injury lawyer filing a medical malpractice claim Long Grove wills and trusts attorneys Palatine injury attorney Crystal Lake tax lawyer advance healthcare directive Palatine business attorney traffic violations forming a corporation in Illinois Barrington estate planning lawyer Inverness insurance attorney civil litigation attorney Des Plaines accident attorney Illinois insurance claim attorney surgical mistakes Barrington employment attorney Rolling Meadows insurance dispute lawyers, insurance dispute Schaumburg personal injury lawyers disability benefits Chicago will attorney, social media platforms, Illinois estate planning lawyer, rest breaks estate planning Colin Gilbert Illinois DUI attorney investment property workplace sexual harassment blended families Jay Andrew Crystal Lake will lawyer Illinois medical malpractice case Illinois job attorney landlord tenant law liability claims Chicago car accident lawyer wage theft car crashes gift tax exemption, estate planning, estate planning strategies, Illinois estate planning, South Barrington estate planning attorneys probate claims Arlington Heights accident attorney Illinois Smoke Detector Act Schaumburg construction accident lawyer Schaumburg drug defense lawyer attorney fees BAC traffic offenses dynasty trusts Rolling Meadows estate planning attorney guardianship attorney Crystal Lake employment lawyer modern family estate planning back injuries controlled substance elder law in terrorem provision operating agreements Barrington Traffic Lawyer new real estate form Rolling Meadows boating crash lawyer Palatine criminal defense lawyer Rolling Meadows litigation lawyer Crystal Lake car accident attorney Policy Cancellation Rolling Meadows business lawyer Schaumburg civil litigation attorney probate hands free device Illinois estate planning attorney insurance claim delay personal injury claim Illinois personal injury lawyer employment lawyer Illinois probate lawyer cell phone tower data wrongful termination drug possession Rolling Meadows employment law attorney Arlington Heights estate planning attorney pizza emoji IRELA Crystal lake insurance dispute attorney IRA trust transfer Buffalo Grove insurance claim dispute lawyers Class A misdemeanor bicycle dooring accidents pregnant women liens Deer Park real estate law firm Rolling Meadows insurance dispute lawyers denied insurance claims drug crimes lawyer Illinois employment law attorney digital media accounts, estate planning, Arlington Heights estate planning attorney, fiduciary rule delay car accident traumatic brain injuries Attorney Ken Apicella condo LLCs owner responsibility Transfer on Death Instrument Schaumburg Attorney Des Plaines medical malpractice attorney personal injury Illinois workers compensation lawyer Arlington Heights lawyer Deer Park accident attorney Illinois wrongful termination lawyer Chicago trucking accident attorney Illinois Wage Payment and Collection Act federal regulations for LLCs breathalyzer test Des Plaines claims law firm Illinois speeding lawyer low-ball insurance settlement estate tax Illinois corporate lawyer Palatine punch death Rolling Meadows drug defense attorney Des Plaines insurance attorney living wills paid sick leave Barrington litigation attorney murder life insurance claims Buffalo Grove real estate attorney gift taxes deed transfer Palatine personal injury lawyer drug crime reckless homicide unauthorized overtime probate fees employee rights blood alcohol content Illinois Probate Act of 1975 Rolling Meadows Traffic Lawyer TBI Schaumburg Food and Drug Administration's Food Safety Modernization Act license employee misclassification Crystal Lake business law attorneys Schaumburg estate attorney employment law, meal breaks, rest breaks, hotel employees, Des Plaines employment law attorneys defective products lawyer Fair Labor Standards Act Chicago estate planning revenge porn Arlington Heights car crash attorneys wills and trusts estate planning attorney Inverness real estate attorney Des Plaines tax law firm independent contractor wrongful death Schaumburg employment attorney Illinois trusts attorney Inverness probate lawyer DUI defense Barrington civil litigation attorney problem employees car crash slip and fall accidents Barrington injury attorney Barrington real estate lawyer real estate contract Long Grove estate planning Illinois rollover accident lawyers driving Arlington Heights employment attorney traffic accidents product liability School Visitation Rights Act civil litigation dog bites rumble strips estate planning, digital assets, Revised Uniform Fiduciary Access to Digital Assets Act, Illinois digital assets, Illinois estate planning, underinsured motorist residential real estate car accident lawyer health insurance dispute internet probate lawyer Des Plaines real estate attorney nursing home negligence Chicago corporate attorney Illinois traffic accident lawyer Illinois employment attorneys Des Plaines drug lawyer Deer Park employment law attorney Crystal Lake personal injury lawyer right to work Palatine civil litigation lawyer Family Medical Leave Act mass shooting vacation home fines PTSD Palatine employment law lawyer Des Plaines Traffic Lawyer denied insurance claim Schaumburg elder law lawyer cell phone Inverness estate planning lawyer BAIID installment contracts landlord involuntary manslaughter digital assets, digital fiduciary, estate planning, digital content, Long Grove estate planning lawyers pedestrian-automobile accident insurance claim denials Palatine corporate law attorneys traffic deaths irrevocable trust trucking accident lawyers employment attorney Rolling Meadows marijuana attorney Chicago employment lawyer employees Schaumburg traffic lawyer Illinois business law atorneys Schaumburg probate attorney commercial leases Rolling Meadows real estate attorney Mt Prospect Attorney Barrington medical malpractice lawyers small business Barrington estate planning attorney Deer Park criminal attorney mortgage medication errors Affordable Care Act real estate zoning agent Crystal Lake employment attorney Joliet general practice lawyers Arlington Heights personal injury attorney estate planning, death tax, succession plans, business estate plans, Barrington estate planning lawyers Illinois registered agent Crystal Lake injury attorney Inverness personal injury attorney Illinois real estate Schaumburg injury lawyer Retaliatory Discharge Barrington personal injury attorney estate planning lawyer trauma after an accident Illinois pedestrian accident attorney Barrington Illinois estate planning lawyer overtime pay commercial leasing creditors social media after death Crystal Lake pedestrian accident lawyer Illinois estate planning deadly crashes Illinois workers compensation attorney trucking accidents severance agreements Deer Park traffic accident attorney Buffalo Grove injury lawyer Illinois medical malpractice attorney Schaumburg medical malpractice lawyer wills Self-Directed IRA Accounts Deer Park motorcycle accident lawyer products liability FMLA criminal record Arlington Heights TBI attorney Super Mario Des Plaines DUI attorney Buffalo Grove criminal defense lawyer dealing with problem employees sexual images Barrington criminal defense lawyer auto accidents Deer Park DUI lawyer personal injury lawyer Illinois civil litigation lawyer Rolling Meadows employment attorney Schaumburg employment law attorneys Inverness injury lawyer Chicago will attorney Arlington Heights pedestrian accidents drug crimes Inverness traffic law firm uninsured motorist

Archive