If a “disregarded entity” is owned by an individual, it is treated as a sole proprietor. The IRS did not create a new tax classification for the LLC when it was created by the states instead IRS uses the tax entity classifications it has always had for business taxpayers: corporation, partnership, or disregarded as an entity separate from its owner, referred to as a “disregarded entity.” An LLC is always classified by the IRS as one of these types of taxable entities. 301.6109-1).Īn LLC is an entity created by state statute.
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