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

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

Archive