LLC’s & the IRS

Is an LLC right for you? Many clients are telling us they have be advised by other firms to create an LLC and it has not achieve the tax advantages they desired. When a LLC only has one member, the IRS ignores the LLC for the purpose of filing the tax return. This only impacts the tax return not the legally structure of the business. Single member LLC’s income and expense are reported on Form 1040, Schedule C, E, or F. If you would prefer to file as corporation intead of the “disregarded entity, Form 8832 must be submitted.