Barbara Weltman

Big Ideas for Small Business, Inc.

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More Audits of LLCs about Self-employment Tax?

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LLC members are self-employed individuals, not employees, and are subject to self-employment tax on certain amounts. They pay self-employment tax on LLC income related to services they provide. A Tax Court case defined the parameters of this. The IRS recently indicated at a virtual conference that it would be looking at LLC members to be sure they’re paying self-employment taxes properly.  #IdeaoftheDay

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