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Showing content with the highest reputation on 11/10/2024 in Posts
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As others pointed out, the IRS does not want single member LLC's (taxed as a sole proprietorship) to be paid under an EIN. That doesn't mean an LLC shouldn't have an EIN, only that if you are to receive a 1099-NEC, it should be under your Social Security #. I had to have an EIN to open a business checking account, I wanted an EIN to use on 1099's that I issued.3 points
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I'd already come to the same conclusions as Dan. Whoever the seller is, the heir or the estate, will have a small loss from the house sale when selling expenses are factored in. Either way, at this point I'm out of the picture unless engaged to prepare a 1041 for the estate. The heir and wife have never been my clients and I intend to keep it that way.2 points
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Sometimes I think I need to consider it a medical expense due to the therapeutic benefits provided by this group.2 points
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This applies to me as well.1 point
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Does not have to or should not? Is it a choice or a prohibition? Tom Longview, TX1 point
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IRS page of common situations of when to get a new EIN. It's generally when ownership or structure changes. https://www.irs.gov/businesses/small-businesses-self-employed/when-to-get-a-new-ein1 point
