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Posted by John H. Fisher on November 24, 2006, 2:08 am
Please log in for more thread options Bluezfan wrote:
> Good morning, all. I am a single owner member of an LLC and
> use my SSN for reporting. My brokerage firm tells me that
> the only way to avoid the "B" Notice/Backup Withholding
> issue is to register the account with my individual name on
> the first line (i.e., John Doe, Acme LLC). They say that
> the first line name must match the reporting TIN with the
> IRS records and that the fact that it does not is what
> generates the IRS to notify them of the "incorrect" number.
>
> Seems to me I should be able to file something with the IRS
> such that the IRS knows that my LLC is a disregarded entity
> rather than me having to use my individual name on the
> account.
>
> Any insight? Thank you!
The name and the SS# must match. On Schedule C, the lines
request the name of the sole proprietor and the fictious
name, as does the W-9 which your brokerage firm requests.
You may find this article useful:
http://www.irs.gov/businesses/small/article/0,,id=158625,00.html
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