Heads Up to All of You Authors Who Have an LLC
I recently received a notice from my accountant that a new reporting rule went into effect January 1, 2024. I no longer own an LLC. Years ago, I did, but I found it to be pointless so I dissolved it. However, I am aware that many authors still have LLCs, so I thought I’d pass this information along in case you weren’t aware of this. (I spoke with an author the other day who didn’t know about it. That made me wonder how many others might not know.)
Basically, you are required to to file a form with the Financial Crimes Enforcement Network. The information is pretty basic. Your name, birthday, address, a picture, etc. (There was no link offered in the letter. I suppose you have to search for it or ask your accountant about it.) Anyway, I scanned the notice in and will post it here for you to read the details.
If you are a sole proprietor, you do NOT have to worry about this. (I double checked with my accountant on this one. Yeah, I know it specifies in the letter that this is only for LLCs, but I like the verbal assurance of the person who files my taxes. I’m the kind of person who will ask the dumb questions, but I have also been on the IRS’s bad side in the past so I get paranoid with this type of stuff.)
newest »
Glad you put this out so those who have LLCs know what has changed when filing their taxes for 2023. The government is taking whatever they can from you. They did this by passing a law that changed IRS policies, which means the federal government is taking more from you. This was passed when the Dems had the House and Senate. I'm thinking it was around 2022. So look out for more bite coming out of your income. They are good at raising taxes and say the wealthy need to pay more, etc.,which really never happens. This hurts the middle class big time. God bless.
