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


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