An LLC can elect to be taxed as an S corporation, and for some LLCs this choice can result in significant tax savings. For others, doing may introduce unnecessary complexity without substantial benefits. This article discusses when to do so may make sense. LLC Tax Classifications A Limited Liability Company (LLC) has flexibility in choosing… Read more »
Divisions under IRC Section 708(b)(2)(B) of multi-member LLCs taxed as partnerships can offer unique advantages and flexibility in certain circumstances. Although initially written for traditional partnerships, IRC Section 708(b)(2)(B) applies to multi-member LLCs that elect to be treated as partnerships for tax purposes. So, the guidance on partnership divisions applies equally to such LLCs. Under… Read more »
January 2024 Author: Andrew (Drew) Piunti DPA Law PC drew@dpalawyers.com Under the CTA (the Corporate Transparency Act) which became effective January 1, 2024, certain privately held and largely unregulated corporations, limited liability companies, and limited partnerships defined as “reporting companies” must report specified identifying information about themselves their beneficial owners to FinCEN (the U.S. Dept…. Read more »
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