• You may have a basis for reducing the tax bite

    Published On: August 22, 2022Categories: Featured, Tax Tips
  • Associations: Avoid certain activities to preserve tax-exempt status

    Nonprofit trade associations, or 501(c)(6) organizations, exist to promote their members’ common interests and improve business conditions or “one or more lines of interest.” Whether the association is a local chamber of commerce, a real estate board or a large professional group, associations’ tax-exempt status is contingent on their sponsoring certain types of activities — and avoiding others. When they fail to do so, the [...]

    Published On: June 11, 2019Categories: Featured, Not for Profit, Tax Tips
  • 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 tax backgroundSelf-employment income is subject to a 12.4% Social Security [...]

    Published On: February 13, 2019Categories: Featured, Tax Tips