Did you get love mail from the IRS? Don’t panic!

Since March 2020, life has certainly changed for all of us and life at the Internal Revenue Service is no exception.  With four tax legislative changes, the issuing of three separate rounds of stimulus checks, and out-of-date technology, who wouldn’t be a little behind?  Unfortunately for taxpayers, this service lag can cause some big headaches.  […]

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 (SE) tax. But the IRS has been cracking down on LLC members it claims have underreported SE income, with some success in court. SE […]