Partners may have to report more income on tax returns than they receive in cash Are you a partner in a business? (Note: this includes LLC members if the LLC is treated as a 1065 Partnership for tax purposes!)You may have come across a situation that’s...
Innovative Strategies For Winning Tax Controversies, Business Structuring And Estate Planning
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LLC Members and Partners Phantom Income
WHY DO LLC MEMBERS AND PARTNERS SOMETIMES REPORT MORE INCOME ON TAX RETURNS THAN THEY RECEIVE IN CASH? If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was...
Can LLC members avoid Self-Employment Tax on Distributions
WHEN ARE LLC MEMBERS SUBJECT TO SELF-EMPLOYMENT TAX? Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to self-employment...
March 15 deadline for LLC’s, Partnerships, S Corporations
DON’T FORGET: 2017 TAX FILING DEADLINE FOR PASS-THROUGH ENTITIES IS MARCH 15 When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The...
Establishing an online business in the US – Partnerships
Basic Entities in the United States – Partnerships Partnerships are similar to a sole proprietorship in that the individuals have personal liability. This means that each partner is liable for their own actions and the actions of the other partners. That is a big...
Establishing an Online Business in the US
Basic Entities in the United States. Anyone, even a non-US citizen and non-US resident can establish a sole proprietorship. This is simply operating the business under your own name. You have personal liability for the actions of any employees or any actions taken in...
