New Entity EIN and Tax Classification

Starting a new business requires several critical tax decisions that will affect your tax liability for years to come. Philip Falco, as a dual-licensed Attorney and CPA, helps new businesses obtain their Employer Identification Number (EIN) and make the right tax classification election.

EIN Application

An Employer Identification Number (EIN) is required for most business entities. We handle the EIN application process with the IRS, ensuring your business is properly registered and ready to operate.

Tax Classification Decisions

Choosing the right tax classification is one of the most important decisions a new business owner makes. The options include:

• Sole Proprietorship — simplest structure, reported on Schedule C
• Single-Member LLC — default disregarded entity, or elect S Corp or C Corp treatment
• Partnership (Form 1065) — for multi-member LLCs and partnerships
• S Corporation (Form 1120S) — pass-through taxation with potential self-employment tax savings
• C Corporation (Form 1120) — separate entity taxation, appropriate for certain business goals

Why Entity Classification Matters

The wrong entity classification can result in thousands of dollars in unnecessary taxes, missed deductions, or compliance headaches. As both an Attorney and CPA, Philip Falco evaluates your specific situation — including your income level, business type, growth plans, and personal financial goals — to recommend the optimal structure.

What We Handle

• IRS Form SS-4 (EIN application)
• IRS Form 8832 (Entity Classification Election)
• IRS Form 2553 (S Corporation Election)
• State registration and compliance requirements
• Operating agreement and bylaws review (tax implications)

Call (303) 626-7000 to get your new business started on the right tax footing.