http://smallbusinessonlinecommunity.bankofamerica.com/community/forum/legalandinsurance?view=discussions Most recent forum messages en Sat, 22 Nov 2008 03:45:23 GMT Clearspace 1.1.1 (http://jivesoftware.com/products/clearspace/) 2008-11-22T03:45:23Z en http://smallbusinessonlinecommunity.bankofamerica.com/thread.jspa?messageID=49408&amp;tstart=0#49408 <br /> An LLC is created by the state. The IRS does not recognize an LLC as a separate tax classification. They classify you as a corporation, partnership or sole proprietor. I assume you are currently being taxed as a sole proprietor or partnership. In either case, the answer is yes. You need a new EIN if you are changing your tax classification. If you want confirmation of this or to accomplish this via telephone, the IRS business number is 1-800-829-4933.<br /> <br /> In order to switch to an S Corp you simply need to file IRS Form 2553.<br /> <br /> Hope this helps.<br /> <p /> Tanya<br /> Elite Financial Services, LLC Sat, 22 Nov 2008 03:45:23 GMT Elite1 http://smallbusinessonlinecommunity.bankofamerica.com/thread.jspa?messageID=49408&amp;tstart=0#49408 2008-11-22T03:45:23Z Nov 21, 2008 10:45 PM http://smallbusinessonlinecommunity.bankofamerica.com/thread.jspa?messageID=46687&amp;tstart=0#46687 <br /> My first question is can I continue to use my current TID? Switching with current vendors may get complicated. My net income for this year will be over 100k and in research it appears that I will be able lower my tax burden by shifting a portion of my income to dividend income. Next year's income will be even higher. Not needing any type of payroll service and making draws as needed has been nice. My goal is to make the switch January 1st. Any thoughts?<br /> Thanks Fri, 07 Nov 2008 05:00:24 GMT therapy4kids http://smallbusinessonlinecommunity.bankofamerica.com/thread.jspa?messageID=46687&amp;tstart=0#46687 2008-11-07T05:00:24Z Nov 7, 2008 12:00 AM 1