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

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

Archive