If I didn’t file taxes last year and I would have owed, can I still create an LLC and obtain a Tax ID?
A web user asks, I didn’t file last year and owe about $500, I plan on filing this year and paying the back taxes, but at the some time I’d like to start and LLC. Can I file to create an LLC and obtain the Tax ID needed to open corporate bank accounts if I owe back taxes? And do I need to provide my SSN in order to obtain the Tax ID?
Can you help them out? Post your advice!
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Posted in Tax
It really depends on the status of your account with the IRS. If they are taking action then it could very well hamper your ability to get this LLC started.
However $500 is not that significant of an amount for the IRS to be hassling you over. But I would try to get that situation resolved ASAP.
You cannot eliminate last years taxes by opening an LLC for 2008. You still have to pay last years. Make sure you really want an LLC because they are very difficult tax wise to close down.