Title and Topic
(Note: Whenever you see a water droplet, try a left click. There are many water droplets (aqua spheres or aqua ovals) that allow you to collapse or enlarge the topic)
Description/Scope
Purpose
Who This Applies to
When to Perform
Special Circumstances
Why This Is Important
General Benefits 7 Objectives
Generally, an employer is a person or organization for whom a worker performs services as an employee. As an employer, you are required to withhold and report employment taxes. To file the various employment tax returns, you need a Taxpayer Identification Number (TIN). Usually, the TIN is an Employer Identification Number (EIN). However, a sole proprietor may use his or her social security number as the TIN if the business has no employees and does not file excise or pension tax returns. A sole proprietorship is the only type of business that may use a social security number rather than a TIN as its EIN.
This entire site is for educational or informational purposes only. You are not to use the forms, concepts, strategies, or knowledge without assistance from a professional. The author, the corporation, the ISP, Bob Parrish CPA, Bob Parrish CPA, P.C. or other parties related to those or this site do not guarantee or warrantee in any manner the suitability, usefulness, accuracy, timeliness, or results of any portions of this site, nor the links contained in this site which link to other areas. At times, information is taken from other sources and is believed to be accurate, but no verification or confirmation is performed. Furthermore, if any federal or state law invalidates a portion of this disclaimer, the other portions still apply. In addition, any allegations or actions are restricted to arbitration only and must be arbitrated by the Better Business Bureau in Sarasota Florida. Reading of these pages constitutes complete acceptance and agreement with all disclaimer provisions on all pages of this site. .......
Saturday, June 05, 2004 09:39 AM
Law (commentary and citation)
Regs (commentary and citation)
Cases (commentary and citation)
§§§ Law §§§
§274(d)
§§§ Regs §§§
§§§ Cases §§§
This is about Activity Based Taxplanning - maximizing deductions, minimizing cash outlay and maximizing the amount of cash retained and the net worth.
Tax is a subject that many view in order to cut costs. Taxes are a cost just as any other cost. It happens this cost is somewhat intangible and is defined by legislation without a tangible item to view and control. The money is spent and the control of the expenditure is more appropriately administered by someone trained in the law.
This is about Activity Based Costing - methods to cut costs, management accounting, management information systems, decision support systems - in general about being a manager.
From Banking Records
From Customer Records
From Signed Documents
From Your Other Business, or Financial Records
From Corporation or Organization Records (meetings, etc.)
What to do:
An individual is considered to be a sole proprietor for federal tax purposes if the individual operates his or her business through a domestic limited liability company (LLC) and does not elect for that LLC to be taxed as a corporation (using Form 8832). In such cases, the LLC is disregarded for federal tax purposes. As a result of this treatment, the individual owner is subject to the same federal tax requirements as sole proprietors, including the requirement to obtain an EIN. At the individual owner's option, the disregarded LLC may request that a number be assigned to it in addition to the number assigned to the individual owner as a sole proprietor. Please know and understand this is the Federal Tax Treatment and -
- May not be the same requirements for state income tax reporting
- Does not effect the legal status for limited liability
In addition, if the disregarded LLC has employees, a second number is required for federal tax purposes to report and pay employment taxes. A second number is also required if the LLC is recognized for employment tax purposes as permitted under Notice 99-6.
To obtain an employer identification number, you must complete Form SS-4, Application for Employer Identification Number. You can also get this form at most Social Security Administration and IRS Office.
If you already have an EIN and the organization or ownership of your business changes, you may need to apply for a new number. Some of the circumstances under which a new number is required are as follows:
Assistance - What to do
Forms - Checklists - Etc.
Financial Statement Presentation
Notes to Financial Statements
How to Make Entries
What Kind of Records to Keep
Bookkeeping Methods - Cash, Accrual and Other
How the Business Entity Affects the Recording
Sole Proprietor
Corporation - C & S
Partnerships - General, Limited, Limited Liability Company, Registered Limited Liability Partnership or Company
Trusts
Tax Exempt
Alerts & Dangers - Risks
Asset Protection
Your Defense
