The Small Business Tax Help Blog

Posts Tagged ‘community’

Senate Session 2011-06-09 (14:29:58-15:30:25)

Question: Multiple questions for IRS Form SS-4 (Employer Identification number) for LLC?

Will an EIN be needed for a four member managed LLC with no employees? Basically, we plan to start a LLC and use that as a entity to manage a business with a different name.

Also, when applying for an EIN (Employer Indentification Number) as an LLC, if you checked “Partnership” as type of entity, what happens if you file your taxes as a “Corporation”.

Are there any fines involved or do you need to revise your EIN if you choose to file as a Corporation?

Answer: A multi-member LLC should have an EIN – otherwise whose social security number are you going to put on the K’1’s?

If you are a multi-member LLC, then you will have to file a partnership 1065 return, unless you file form 8832 electing to be treated as a Sub-S corp for Federal tax purposes. If you want to be taxed as a Sub-S corp, you may want to check with a lawyer and an accountant to verify this is the best way to go for your organization. If you are going to be taxed as a Sub-S, it may be better be create a Sub-S corp. Be aware that if you file your Sub-S election late, that you may have to file as a partnership at first.

Die besten Indien Aktienfonds

Die Fondsmanager der besten Indien Aktienfonds haben Fragen zu den makroökonomischen Faktoren der Assetklasse, der Beziehung zwischen Indien und China, sowie den Gewichtungen und Performances ihrer Produkte beantwortet. Wo liegen Risiken bei Indien …

Basshunter : Now You’re Gone

The Migrant’s Eye

The World Bank 2011 Essay Competition finalist – Shaun Tan from Malaysia on brain drain. By Shaun Tan ‘Our young people represent the future of our country’. This phrase has been echoed by almost every politician in almost every country in modern history. However the changes instigated by the increasing ease of migration are such [...]

Owning Your Own Business, Part 4 – Dr Ray Hagins

Question: EIN number discrepancy?

I recently got a new debit card for my business, but when I tried to activate it the bank said my Federal Employment Identification is incorrect. I double checked and compared it with the original forms from the IRS, and the number is identical.

I also was just notified that one of my jobs will not pay until I give them my correct number. What would cause a discrepancy like this?

Answer: You needed this number at your bank – check with them to see what they have

If you file payroll taxes – look on that form to see what the EIN is on the form

Call IRS locally and ask them what the correct number may be – they will tell you.

Local nonprofits at risk of losing status

Attention “Silverado Singles,” “Praise Filled Ministries,” and“Camp Me and My Family.”

My Redeemer Lives – Team Hoyt

Question: Incorporation ?

I recently incorporated my part time business, I did it myself from my state website, Fl. I only paid $70, while other sites offered anywhere from 200-600. I now have questions, & now think I should have paid out the money for someone to do it for me. My question is, the state site never asked what type of Corporation I wanted to be, such as C or S. when I requested for My EIN Number it askes what forms do you want to file, and I said the 2553 to be an S corp, I did this over the phone, so my question is, do they automatically file this form for me, or do I need to do it myself, that part was never made clear. I assumed since it said file with, that it was something they would take care of with the filing of the EIN number. If this is something that I have to do, then I have a question about this form, it askes for the signature of the stockholder & their info., how do I get that info.? Also ordering a Corporate kit, w/bylaws & minutes, & stock certfiicates, do I need that?

Answer: All corporations start life as “C” corporations. As a benefit to small businesses, which meet certain criteria, the Internal Revenue Service allows them to apply (via form 2553) for “S” status. This means that the corporation will be taxed similarly to a partnership, with each shareholder reporting the profit or loss of the corporation on his personal tax return, in proportion to the percentage of shares he holds. This means that if there is a loss the shareholder can use it to offset his other tax obligations. If there is a profit it is taxed once, at the individual’s tax rate, rather than twice (a “C” corporation will pay a tax on profits and individual shareholders will be taxed again when those profits are distributed as dividends.) We can do S Corporation status election with IRS for $25.

You have to file the form 2553 yourself. Stockholders are shareholders. So if you own the corporation that is you and your address.

Corporate kit & bylaws. It helps you to be organized. More important than buying kit is to do the minutes from the shareholder and director meetings. You have to adopt bylaws, elect shareholders, etc. Link for free forms is included. Also included is links for S status info and full service for preparing the minutes for $25.

WCC FEATURE: Taking water to the Jordan (WCC media WCC FEATURE:)

A few days ago, I was handing out bottles of water within a few miles of Israel/Palestine=E2=80=99s only major river, the Jordan. The village of Al Fasayel lies in a desert landscape, a contrast to nearby Israeli settlements, which have access to almost unlimited water. Al Fasayel itself has not had water on tap for over seven weeks.

So ein ding – 24.03.2009 – Megapixel kameramobiler