AboutJohn Stancil, CPA Expertise I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Society of Tax Professionals, and the Institute of Management Accountants.
Experience I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper.
Question I am the owner of a single member LLC without an EIN or other employees. Is it possible to have a SEP retirement account? If so, would the funds be deposited directly from the LLC into the SEP account, or would I write a personal check to fund the SEP? Thanks.
Answer Keith,
Thanks for your question.
The IRS does not recognize LLC's as a distinct form of business organization. As a single member LLC with no tax ID number, they treat you as a sole proprietorship. As such you may contribute to a SEP-IRA. Funding it can occur either way, although directly through the LLC would probably be best.
