The tanning tax deposit rules
are changing for some types of businesses. Starting after June 30, 2012,
one-owner LLCs must deposit tax under the entity’s name and ID number.
Previously, these entities had
been allowed to make deposits using the owner’s name and ID number. The change
affects one-owner LLCs and qualified S firm subsidiaries that are otherwise treated for
tax purposes as entities not separate from their owners.
So these firms will have to
obtain their own tax identification numbers from IRS before filing Form 720. The change affects 720s due on or after
Oct. 31, 2012.
