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Self Employment Tax Planning with LLCs and S Corporations

  • AFSP
  • CPA (US)
  • CVA
  • EA
  • ORTP
  • CFE
  • Maryland Tax Prep.
  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

Course Description

Self-employment offers many freedoms and opportunities. But you may be surprised to discover that your tax bill will be much higher when you work for yourself. Self-employed people must pay self-employment taxes, which can come as a shock to your budget. You may be able to reduce the amount of tax you pay by setting up a limited liability company (LLC) or a corporation.

This CE/CPE course will assist tax professionals in determining whether flow-through income should be subject to self-employment tax.

Speaker in this CE/CPE webinar will explain how reasonable compensation, guaranteed payments, and management authority status affect self-employment tax on distributive share income of owners of pass-through entities.

Attendees in this webinar will review recent cases and IRS' position on when pass-through income is subject to self-employment tax and will consider how possible future legislative changes may affect current tax planning.

Under the default rules, the Internal Revenue Code taxes LLCs with more than one owner as partnerships and disregards one-owner LLCs. In each case, all the LLC’s net income is passed through to the owners and subject to self-employment tax.

Even though LLCs are either disregarded or taxed as partnerships by default, they may elect to be taxed as S corporations. S corporations offer a unique advantage over the default classification. Unlike partnerships or disregarded entities, an S corporation can pay both salaries and dividends to its owners.

In this CE/CPE tax webinar speaker, Lawrence Pon will guide you with all self-employment tax planning with LLCs and S Corporations.

Learning Objectives

  • To discuss Self-Employment Tax.
  • To analyze what is reasonable compensation for S-corporations.
  • To discuss weighing S corporation status.
  • To inspect the limited partner exception.
  • To discuss when should an LLC member's flow-through income be reported as self-employment income.

Recommended For

  • This IRS-Approved CE/CPE webinar is recommended for AFSP, CFE, CPA (US), CVA, EA, Tax Preparer, CTEC, Tax Professionals, Tax Directors, Tax Practitioners, and Tax Attorneys desiring to understand self-employment tax planning with LLCs and S Corporations.
  • This CE/CPE course is insightful for tax managers, CFOs, controllers, compliance managers, risk managers, and business owners.

Who Should Attend?

  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 CE Credit for Annual Filing Season Program (AFSP)
  • 2 CE Credit for California Registered Tax Preparers(CRTP) (Approval No. 6273-CE-0798)
  • 2 CRE Credit for Certified Financial Examiner (CFE)
  • 2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 2 CPE Credit for Certified Valuation Analyst (CVA)
  • 2 CE Credit for Enrolled Agents (EA) (Approval No. GEHNZ-T-00857-21-O)
  • 2 CE Credit for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00857-21-O)
  • 2 CE Credit for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00857-21-O)

Presenter

About Presenter

Lawrence Pon is a Certified Public Accountant, Personal Financial Specialist, Certified Financial Planner, Enrolled Agent, United States Tax Court Practitioner, and Accredited Estate Planner in Redwood Shores, CA 

Mr. Pon has been in tax practice since 1986 and speaks regularly to tax professionals and financial advisors on the latest tax planning and preparation topics.  

Mr. Pon enjoys helping his clients reach their financial goals through comprehensive tax planning and financial planning. 

Mr. Pon received his BS in Business Administration (Accounting & Finance) from UC Berkeley and MS in Taxation from Golden Gate University in San Francisco. 


About Company

Pon & Associates

www.larryponcpa.com/

We believe in the value of relationships. We view every client relationship like a partnership, and truly believe that our success is a result of your success. We are committed to providing close, personal attention to our clients. We take pride in giving you the assurance that the personal assistance you receive comes from years of advanced training, technical experience and financial acumen.

We provide a variety of services including:

  • Income Tax Preparation for all types of businesses, individuals, trusts, and estates.
  • IRS and State Audit Representation
  • Financial Planning
  • Estate Planning and Preparation
  • Business startup services including Business Planning
  • Tax Planning and Consulting
  • Charitable Planning

Our continual investment of time and resources in professional continuing education, state-of-the-art computer technology and extensive business relationships is indicative of our commitment to excellence.

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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Self Employment Tax Planning with LLCs and S Corporations

$20

2 Credits

Subject Area

Taxes