paying taxes creating a limited liability corporation

[fearme]

anyone do this?? is this legal when if paying taxes on poker winnings through this??? what are advantages and disadvantages
my cpa said to do this which decreases the chance of an audit

[grapabo]

If you're doing an LLC taxable as a partnership, won't the income pass through to you anyway? And if you're doing an LLC taxable as a corporation, that's two levels of tax.

I could be forgetting some special rules, but that's my take on it.

[Russ Fox]

Anyone forming an LLC for any reason needs professional advice -- an EA, CPA, or an attorney versed in these matters. For example, California prohibits professionals from forming LLCs. Some states triple tax LLCs.

-- Russ Fox