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Be careful. Although you only file your income tax form once a year, depending on your situation, you may have to pay quarterly estimated taxes. If your LLC is profitable to the point where you will be required to pay income taxes and you are not employed by someone else who withholds taxes for you, you will most likely have to pay estimated taxes. Talk to ...

Also notify your bank and insurers of the new C-corp. and the new EIN. You can get hit with penalties if you don't notify insurers IN WRITING of the new EIN, since workers' comp and/or unemployment funds have to be under the correct number and the insurers in turn notify your state government, and the state government will think that you don't have coverage ...

Creating new entity and converting an existing entity are not the same. Do we need to notify/update our employees, clients and vendors about the new EIN? Yes. Is there a way to let the IRS know? Know what? You file a final tax return for the LLC (marking it as final on 1065 or as business closed on schedule C), and a first year return for the ...

IRS do not provide tax advice. You should call a tax adviser (EA or CPA) who can help you. Taxes are significantly more complicated than TurboTax commercials make them appear. If you're starting a business you must have a reputable and professional tax adviser who will walk you through all the issues, educate you on how to manage your books, and will ...

No. You'll likely need a new EIN. Per the IRS website: Generally, businesses need a new EIN when their ownership or structure has changed. Also, Partnerships You will be required to obtain a new EIN if any of the following statements are true. You incorporate. The following EIN document created by the IRS may also be helpful: ...

Can we use the disregarded entity tax classification No. The fact that all the LLC owners live and work outside the US is irrelevant for this question. The relevant issues in determining if your LLC is a disregarded entity are: The number of owners (members) Has your LLC filed Form 8832 Entity Classification Election to be treated as a ...

A "disregarded entity" simply means that for US federal tax purposes, the entity (LLC) is disregarded as separate from the owner solely for tax purposes. In other words, the company's taxes are calculated as a part of the owner's regular income taxes rather than separately. (Wiki says the US LLC is comparable to a UK LLP in that the member(s) are ...

It's up to you to pay your taxes and setup your tax account with the Federal Government and your state. Usually, you pay quarterly, depending on the type of business and the revenue stream/taxes owed. If you take a look at this site: http://www.revenue.wi.gov/eserv/index.html you will find how to pay for Wisconsin. As for the Feds, see this link ...