Don Farmer's 2024 Up-to-the-Minute Update on Self-Employment Tax
Online
2.00 Credits
Member Price $79.00
Non-Member Price $99.00
Overview
If you prepare Form 1065s or have clients who receive K-1s from partnerships, you will want to attend this course! The IRS is battling with some of the largest partnerships in the Country over self-employment taxes and this will have major implications for all partnerships going forward. We’ll provide a broad overview of self-employment tax application for partners including LLC members and Limited Partners including up-to-the-minute changes. We will provide planning ideas on structuring to minimize self-employment tax for partners. We’ll also cover the benefits of paying SE tax (an often-overlooked element of planning).
Objectives
This course is designed to:
- Identify when self-employment tax does not apply to LLC members and limited partners;
- Understand and apply self-employment tax principles to LLC members and limited partners;
- Explore tax-saving strategies for spouses who jointly own an interest in an LLC;
- Recognize the benefits of self-employment tax payments, including potential Social Security Benefits; and
- Analyze self-employment tax distinctions across general partnerships, limited partnerships, LLCs, and LLPs.
Highlights
- Which LLC members are subject to self-employment tax
- How self-employment tax applies to spouses of LLC members
- The IRS's new audit campaign for self-employment tax on LLC members
- How to minimize self-employment tax for LLC members
- Identifying which LLC members benefit from paying self-employment tax
- New cases affecting self-employment tax for limited partners, including Denham Capital LP and the "functional analysis test"
Designed For
Participants should have a minimum of 2 years of experience in the tax area including preparation of Forms 1065 for LLCs and limited partnerships.
Prerequisites
None.
Preparation
None
Leader(s):
Leader Bios
George Koutelieris
George Koutelieris, CPA, MS-Tax Johnson & Shute, P.S.
George J. Koutelieris, CPA, MS-Tax, has practiced tax accounting for more than 24 years. He is the managing shareholder of the CPA firm Johnson & Shute, P.S. in Bellevue, Washington. George is a frequent lecturer for organizations providing professional education to other tax CPAs and has written and presented live courses and webinars for the last 10 years. Because of his understanding of tax law and ability to make it understandable, George is someone other CPAs turn to when they have difficult tax questions.
Greg White
Greg White, CPA WGN, P.S.
Greg White, CPA, has practiced tax for more than 40 years. He is founder of the CPA firm WGN, P.S. in Seattle, Washington. Greg served as an Adjunct Professor at the Golden Gate University’s Seattle Campus over a 14-year period. He is licensed to practice in U.S. Tax Court and has argued cases before the Tax Court. He has been named a “Top 50” IRS Practitioner by CPA Magazine.
Non-Member Price $99.00
Member Price $79.00