The IRS will find these 8 mistakes in your LLC setup and the penalties are brutal: ⚠️

The IRS will find these 8 mistakes in your LLC setup and the penalties are brutal: ⚠️

1. No EIN or invalid EIN registration 🆔
Your tax ID needs to be active in IRS systems. Verify it works before you need it.

2. Virtual mailbox as registered address 📮
Change to a real physical address immediately. Banks and IRS flag these.

3. Missing or incomplete operating agreement 📄
Banks require this. IRS may question liability protection without it.

4. Never filed Form 5472 📋
Foreign owners owe this annually. $25,000 penalty per year missed.

5. Wrong W-8/W-9 on file with clients 💸
Fix this now before 30% backup withholding starts automatically.

6. Mixed personal/business bank accounts 🏦
Separate them immediately. This destroys liability protection.

7. No state annual report filings 🏛️
Your LLC can be dissolved for non-filing. Check your state requirements.

8. Inconsistent information across documents ❌
Address mismatches between EIN, formation docs, and bank accounts trigger red flags.

These aren't "eventually fix" items. They're ticking time bombs. 💣

The IRS doesn't send warnings. They send penalty letters. 😬

Comment "TAX" for an immediate LLC compliance audit to identify and fix these issues before penalties hit.

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Видео The IRS will find these 8 mistakes in your LLC setup and the penalties are brutal: ⚠️ канала James Baker CPA