Does your business act like a business?

Don’t say we didn’t warn you, but the implementation of new tax regulations may cause many business owners to lose their business deductions when their “business” is reduced to a mere hobby.  Budding entrepreneurs need to ensure their business is set up correctly. Meanwhile, existing business owners need take a magnifying glass to their business […]

What You Need To Know About Limited Liability Companies (LLC) and Employer Identification Numbers (EIN)

In December 2017, the Internal Revenue Service (IRS) introduced updates regarding the issuance of Employer Identification Numbers (EIN), or Tax Identification Number (TIN), to Limited Liability Companies (LLC). The rule went into effect in January 2018, however, since the IRS typically offers taxpayers a grace period to transition to the new regulation, the IRS will begin enforcing said changes in May 2019.  In this article, we will explain the upcoming changes and how they may affect your application for an EIN.

At Lum Law Group, every case is approached with a commitment to excellence and a focus on achieving the best possible outcome. With decades of experience in immigration, business, and intellectual property law, we provide personalized legal solutions that set you up for success.