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”


Recent Posts


Tags

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

Archive