Self-Employment Tax: Today’s World of Sharing, LLCs, and Tax Reform

Author: Annette Nellen

Self-employment tax has become a more frequent issue today. Every year we see court decisions involving LLCs as well as whether certain activities are businesses or hobbies. Short-term rentals, such as via Airbnb, may generate SE tax obligations. This webinar reviews the rules and issues regarding self-employment taxes and how to avoid problems.

Publication Date: May 2022

Designed For
Practitioners seeking better understanding of the self-employment rules and common issues that arise and how to avoid them.

Topics Covered

• Basics of the self-employment tax statute and regulations
• Types of taxpayers and activities subject to self-employment tax
• A review of recent cases
• Due diligence considerations and avoiding problems

Learning Objectives

• Identify when an individual is subject to self-employment tax
• Recognize due diligence steps to avoid problems in the SE tax area
• Identify the Medicare tax percent applicable to self-employment income
• Recognize which IRS Form should be completed with respect to additional Medicare tax
• Identify the 2022 Social Security Wage Limit
• Identify the number of factors used to assess whether activity is a hobby or a business
• Differentiate referenced cases and how they apply

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None