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


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