I’ve Got My EIN. Now What?

The EIN is a permanent number and you can use it immediately, for most of your business needs, including opening a bank account, applying for business licenses or filing a tax return through the Post office.

However, just because you’ve got the number, does not mean you have all the information about it. It will take around two weeks before your EIN becomes part of the IRS’s permanent records, and you have to wait until at least then to file electronic returns, make electronic payments or pass an IRS Taxpayer ID number (TIN) matching program.

Next step for an LLC

For those people who file as an LLC, there are several forms to file if you do not want to accept the default status of a partnership or ‘disregarded’ entity. You can use form 8832 to receive a corporation status instead. http://online-casino-slots.eu/bella_y_oscura–sisu_raiken-es.html
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You should read and understand the instructions for this form, make sure you have complete information about it, and you may want to consult a tax professional. There is also a form 2553 (Election by a small business corporation form). File this in a timely manner (see instructions) to receive S corporation status, and again, make sure you understand the rules, and read the instructions, and consult a tax professional if you are unsure of requirements and procedures.

There will an acceptance or Non-acceptance of your election.

The IRS will inform you as to the acceptance or non-acceptance of the election by the LLC. The LLC should receive a determination on the election within 60 days after form 8832 or 2553 have been filed.

DO NOT FILE form 1120 or 1120S until you receive notification of the Iris’s acceptance of your election under owner of these two forms. You can download those forms at the IRS.gov site online.

Corrections must be made in writing and you have to mail the information to the IRS.

About Monty King
Monty King has worked at the Oregon Legislature and ran political campaigns, graduating from the University of Oregon with a degree in Public Affairs in 1978 (while working at the Oregon Legislature) He is a 3 time Viet Nam Veteran.

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