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

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

Archive