pk
Level 15
Level 15

Business & farm

@cory1848 , having read through this long thread, I am not sure I understand the  trials and tribulations  the posters have faced. I must be missing something.   My understanding of the situation ( in a perfect world :( 

1. Single Member LLC  ( SMLLC )  default status is a dis-regarded entity  for tax purposes.

                 a.  For tax filing  the owner uses his/her SSN,  entity name  etc. on Schedule-C

                 b.  For all other purposes  ( banking ,  payments / receivables etc., employee - W-2s, withholding deposits etc. ) he/she should use the EIN.

                 

2. Multimember LLC ( MMLLC ) is by default a partnership and therefore  EIN is used everywhere including  K-1 .

3. If there is a change  it.  from SMLLC to MMLLC  or vice versa, one should get a new  EIN and this should be reflected  in the filings including tax filings.

 

So can you explain now why you had such  trouble with  TurboTax in this ? 

 

Or am I out in left field and really do not understand the issue ?