Obtain EIN (Employer Identification Number)
The Internal Revenue Service requires your Limited Liability Company (LLC) to have its own tax identification number known as an Employer Identification Number (EIN).
This identifies your LLC as a separate legal entity for tax reporting purposes. You do not report your LLC’s income and expenses on your personal tax return.
In most cases your LLC will be a “single member” LLC and as such is a disregarded entity for tax purposes. The single member of the LLC is your IRA. It is usually listed as “XYZ Trust Company Custodian FBO “Your Name” IRA Account #99999″ as the “single member”.
As a disregarded entity you will not be required to file a federal tax return for the entity. You as Manager of the LLC will receive a “valuation worksheet” each year from your Custodian. You or your accountant or financial advisor will complete the valuation worksheet and submit it to the custodian who in turn will report to the Internal Revenue Service.
Please check with your accountant or tax professional for individual state tax and reporting requirements as each states reporting requirements vary considerably. Even though you do not file a federal tax return you may have to file information with your state. You will also have to file an “annual report” with your state to keep your LLC active. The annual report is usually just a payment of a fee to the state.
In order to obtain a EIN you will need a copy of the filed Articles of Organization that were filed with your Secretary of State’s office and you will need to complete IRS form SS-4. The SS-4 form will require you to provide information about your LLC and the responsible party(s).
You will need the EIN, Articles of Organization and an Operating Agreement in order to open a local bank account for your Self Directed IRA LLC.
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