Join experienced tax practitioner Greg White, CPA, for this two-hour CPE webinar providing a broad overview of self-employment tax application to LLC members, including up-to-the-minute changes in this fast-changing area.
Greg will also cover how the Tax Cuts and Jobs Act affects decision-making in gray areas, and when LLC’s provide a better tax result for owners. You will learn how LLC’s can be used to increase the qualifying business income deduction (20% passthrough deduction). And we’ll cover how LLC’s should consider changing the guaranteed payment structure to increase the new 20% passthrough deduction. Greg will also explain the benefits of paying SE tax (an often-overlooked element of planning).
Who Should Attend
CPAs, EAs, and those with experience in income tax issues for passthrough entities including preparation of Forms 1065 for LLCs.
Topics Covered
- Which LLC members are subject to self-employment tax
- How does self-employment tax apply to spouses of LLC members
- The IRS's new audit campaign for self-employment tax of LLC members
- How to minimize self-employment tax for LLC members
- Which members benefit from paying self-employment tax
- How to adjust guaranteed payments to maximize the 20% passthrough deduction
Learning Objectives
- Recognize when self-employment tax doesn't apply to LLC members
- Identify and apply self-employment principles to LLC members
- Describe how to maximize LLC's 20% passthrough deduction
- Recognize how to adjust guaranteed payments to maximize the 20% passthrough deduction
Level
Intermediate
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Experience in preparing Forms 1065 for LLCs.
Advance Preparation
None
Instructor
Greg White
Greg White, CPA, taught for 14 years as an adjunct professor for Golden Gate University. He’s admitted to practice before the United States Tax Court. He is a founder and shareholder, in WGN PS in Seattle, WA. He has been named a Top 50 IRS Representation Practitioner in the U.S. by CPA Magazine and has taught for a number of professional organizations. Greg enjoys the technical side of tax, but also likes to have fun in class.