On November 29, 2012, the Internal Revenue Service (IRS) announced final revised application procedures and requirements for Individual Taxpayer Identification Numbers (ITINs). ITINs are issued to foreign individuals who are not eligible to obtain a social security number, but have filing and/or payment obligations under the Internal Revenue Code.

The revised application procedures (Revised Procedures) build on the interim procedures implemented earlier this year, with the goal of which is protecting the integrity of the ITIN application and refund process.

Operating agreements, which are akin to corporate bylaws, dictate the management and operation of a limited liability company (“LLC”). An operating agreement serves to reinforce the limited liability status a company has elected, may prevent misunderstandings between owners, and plays an important role in determining the requisite authority for conducting LLC business and transactions.

An LLC with multiple members should utilize an operating agreement to specify the profit and loss sharing, management structure of the company, and procedures for the removal and addition of members. In the absence of an operating agreement, a Florida LLC is subject to Florida’s Statutes which may or may not be appropriate for the goals and structure particular company.

Starting a business? Unsure what legal and regulatory steps you should follow?

Did you know when operating as a sole-proprietorship, you are entirely and personally responsible for the actions of the company? The best way to really protect your personal assets is to form a corporation or limited liability company (“LLC”).

Although each situation is unique, yet these 10 fundamental steps can help you plan, prepare and manage your business, while addressing business start-up issues and tax implications.

Quite a bit of confusion begins to stir around this time of year. Many taxpayers contact us requesting a “second extension” as the deadline approaches because they might not yet be ready to file their tax return. This stems from old extension procedures IRS had, where a "second extension" of time to file could be requested using Form 2688. Under the old extension procedures, you would request an automatic 4-month extension followed by a 2-month second extension. Since the inception of the Form 7004, the extension now grants you an extra six months to file your taxes, but there is no second extension.