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Practice Startup Success
Information Advice
Encouragement
October 8, 2007
ISSN 1934-3248
In this issue:
Important information about filing your LLC forms
Important information for Iowa Medicare providers
Important information about requesting an EIN for your
LLC:
Please read this if:
1.
You (the owner of the LLC) are filing as a
single-member LLC and
2.
You will have employees
The IRS has changed its requirements for Employer ID
Numbers for single-member LLCs. Before you can request an
EIN for your LLC, you must first obtain an EIN for yourself
as a sole proprietor. So you will have TWO EINs for your
practice.
The IRS calls a single member LLC a “disregarded entity,”
meaning that it is disregarded for the purpose of filing a
federal tax return. In this case, the LLC profits and
losses are filed as part of the owner’s personal income tax
return (Form 1040). Apparently, what has happened is that
the individual states do not disregard the entity, requiring
the companies to run parallel accounting systems for state
and federal.
Bottom line: If you want to set up a single-member LLC,
first get an EIN for yourself as a sole proprietorship, and
then get the EIN for the LLC.
Don’t ask
me; I don’t make the rules. Just do it.
If you are in Iowa and you are a Medicare Part B provider
(participating or not), you’ll soon be seeing a change in
carrier. Noridian has lost its contract for Iowa, being
replaced by Wisconsin Physician Service. I don’t know
anything about WPS; and would appreciate hearing from any of
you in Wisconsin about your experience with that carrier. I
haven’t seen anything on the Noridian website yet, so stay
tuned….
©Copyright 2007 Emence
Enterprises LLC.
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due to changes in laws or other circumstances.
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