Switching Tax Status as an LLC

Switching Tax Status as an LLC? Do you need a new EIN? People wonder if they are electing to change the tax status of their LLC, do they need to get a new EIN from the IRS? Generally the answer is no, that as along as you complete the proper filings, you do not need...

Partners or Members in Business as a Contractor

When more than one person forms a business they are defaulted to be taxed as a partnership. This could be members of an LLC or partners in a partnership. At year end, the business would file a 1065 return for the business and issue K-1s to the members or partners....