New IRS Rules for Single Member LLC / Amazon tax wizard
Hi all,
This year the IRS changed the W-9 form - at least it appears they did.
I have a single member LLC. It used to be you could shield your name from Amazon by hiding behind the name of your company if it was an LLC - even if it was single member.
When one is required to fill in this line at the top "Name (as shown on your income tax return). Name is required on this line; do not leave this line blank." I used to enter my LLC name.
This year the IRS has expanded the type of business "Check appropriate box for federal tax classification; check only one of the following seven boxes:"
Now, if you are a single member LLC you have to select "Individual/sole proprietor or single-member LLC" and provide your personal name on the top line and your personal social SS#. At least, that's what you're supposed to do. It's subject to a $50 fine.
In other words, the IRS is now treating a single member LLC as an individual - and it kind of makes sense, because a single member LLC is a "pass through" and Single Member LLC's fill out schedule B and only file a personal return, not a separate business return.
In the past I checked off LLC and checked off S corp.
Each year Amazon makes us go through the tax wizard, right? Each year - from what I remember - we have to fill out information that is comparable to confirming the W9.
I'm wondering if anyone in my boat - single member LLC - is concerned about this.
Thanks in advance for your thoughts.
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