limited liability company Archives

Feature Article

Will Your Client’s LLC Operating Agreement Make an Election Under Subchapter S Invalid?

Organization of a business enterprise as a limited liability company (LLC) has a number of advantages. In addition to ease of formation, state LLC acts dispense with many of the formalities required for corporations and wide latitude is given to... Patrick D. Dimmitt

Fall 2024, Feature Article, debt, Private Letter Ruling 201930023, Rev. Proc. 2022-19, limited liability company, Private Letter Ruling 202315005, §3.06, Private Letter Ruling 202110010, Corporate Governing Provision Statement, Form 8832, §704, §3.06(d), §1362(f), §83(b), s corporation, Treas. Reg. §1.704-1(b)(2), stock, Treas. Reg. §1.704-1(b)(2)(ii)(b)(2), employee, §1361(1)(D), Private Letter Ruling 202111011, election, Treasury Regulation §1.1361-1(l)(1), Private Letter Ruling 202310001, LLC, §338(h)(10), Uniform Limited Liability Company Act, Form 1120-S, Subchapter S, ULLCA, safe harbor, Private Letter Ruling 201949009, §105(b)

Preparation

Key Considerations for Enrolled Agents in the Upcoming Tax Season

The Tax Cuts and Jobs Act (TCJA) of 2017 brought substantial changes to individual income taxes, but many of these provisions are scheduled to expire at the end of 2025. As tax practitioner... Stephen Molchan, EA

Winter 2023, Preparation, required minimum distribution, TCJA, RMD, Tax Cuts and Jobs Act, capital gains, s corporation, c corporation, §199A, SECURE Act 2.0, partnership, Alternative minimum tax, ROTH IRA, limited liability company, LLC, sole proprietor, adjusted gross income, AGI

Feature Article

Are You Prepared for the Corporate Transparency Act?

As the clock strikes midnight on January 1, 2024, the Corporate Transparency Act (CTA) will come into full effect. In simple terms, the CTA requires that every company organized in the United States identifies its beneficial owne... Fernando Juarez Hernandez, EA

Winter 2023, Feature Article, corporation, Title 26, beneficial owner, partnership, Title 31, inactive company, Financial Crimes Enforcement Network, National Defense Authorization Act, BOI report, FinCEN, NDAA, Schedule C, terrorism, LLC, money laundering, beneficial ownership information, Financial Action Task Force, Corporate Transparency Act, FATF, CTA, financial intelligence unit, FIU, limited liability company, Egmont Group of Financial Intelligence