LLCs may reduce IRS tax audit risk and offer third party creditor asset protection.
In 2016, self-employment tax which consists of Social Security Tax and Medicare taxes are imposed on LLC members, but not on S-Corporation shareholders. As a tax-planning strategy, an LLC may be wholly-owned by an S-Corporation. LLC earnings are distributed to the LLC member, S-Corporation. There is no self-employment tax on the S-Corporation/LLC distribution. In 2016, high earners faced increased FICA/Medicare Taxes.
Agenda
Faculty
Gary S. Wolfe
The Wolfe Law Group
Our author, Gary S. Wolfe, has more than 34 years of experience, specializing in IRS Tax Audits and International Tax Planning/Tax Compliance, and International Asset Protection.
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