Self-Employment Tax: Today’s World of Sharing, LLCs, & Tax Reform (Currently Unavailable)

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, how to avoid problems, and how tax reform might change the rules and practice considerations.

Publication Date: May 2018

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
• Relevance of SE tax in tax reform
• 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 rate of tax on old-age, survivors and disability insurance
• Differentiate regulations prescribing the requirements with respect to dividends and interest
• Recognize when individuals are subject to self-employment tax
• Describe characteristics of a hobby (instead of a business) as it relates to self-employment tax rules
• Identify real case scenarios and how they relate to self-employment tax issues
• Recognize which congressional acts amended Section 1502 with the purpose of making SECA taxes economically equivalent to FICA taxes
• Identify chapters of the Internal Revenue Code relates to tax on self-employment income
• Describe the additional Medicare tax due on self-employment income in excess of what amount if the tax payer is married and filing jointly
• Identify the 2018 social security wage limit
• Differentiate regulations relating to the net operating loss deduction with respect to self-employment activities
• Identify the computation method with respect to self-employment tax
• Recognize when self-employment tax is due when self-employment income exceeds what amount
• Describe factors determined to be neutral in the eight factor analysis related to the Ryther court case
• Identify one of the key due diligence considerations

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None