IRS pursuing self-employment taxes from LLC members
By: Lewis, Troy [author]
Language: English Set: IRS pursuing self-employment taxes from LLC membersCopyright date: 2018 In: Journal of Accountancy Vol. 225 Issue 5: (May 2018), pages 54-58Summary: The article discusses, issues of unsettlement of the earnings of a limited liability company (LLC). It is noted that Section 1402(a)(13) provides a guaranteed payment, under Section 707(c), to an LLC member for services rendered to self-employment tax. It is also evident that degree of underreporting of self-employment taxes has led the Internal Revenue Service (IRS) to pursue both taxes and penalties on underreported self-employment income.| Item type | Current location | Home library | Call number | Status | Date due | Barcode | Item holds |
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The article discusses, issues of unsettlement of the earnings of a limited liability company (LLC). It is noted that Section 1402(a)(13) provides a guaranteed payment, under Section 707(c), to an LLC member for services rendered to self-employment tax. It is also evident that degree of underreporting of self-employment taxes has led the Internal Revenue Service (IRS) to pursue both taxes and penalties on underreported self-employment income.
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