Pay for LLC member

Taxes General Forum - Tax professionals meeting place and answers to queries. (Moderated) 

Yahoo!   Google   Windows Live   del.icio.us   digg   Netscape

Subject Author Date Pay for LLC member Bill 09-07-2009  Re: Pay for LLC member Arthur Kamlet 09-07-2009  Re: Pay for LLC member LoTax 09-09-2009  Re: Pay for LLC member HLunsford 09-09-2009  Re: Pay for LLC member paulthomascpa 09-10-2009  Re: Pay for LLC member LoTax 09-10-2009  Re: Pay for LLC member Arthur Kamlet 09-10-2009  Re: Pay for LLC member Gene E. Utterback, EA, RF... 09-10-2009  Re: Pay for LLC member HLunsford 09-10-2009  Re: Pay for LLC member Stuart A. Bronstein 09-10-2009  Re: Pay for LLC member paulthomascpa 09-11-2009  Re: Pay for LLC member HLunsford 09-11-2009   Re: Pay for LLC member Steve Pope 09-10-2009  Re: Pay for LLC member HLunsford 09-10-2009  Re: Pay for LLC member Bill Brown 09-11-2009  Re: Pay for LLC member LoTax 09-11-2009  Re: Pay for LLC member Arthur Kamlet 09-11-2009   Re: Pay for LLC member Steve Pope 09-12-2009  Re: Pay for LLC member HLunsford 09-12-2009  Re: Pay for LLC member Gene E. Utterback, EA, RF... 09-14-2009  Re: Pay for LLC member LoTax 09-15-2009  Re: Pay for LLC member Arthur Kamlet 09-15-2009   Re: Pay for LLC member Steve Pope 09-15-2009  Re: Pay for LLC member Arthur Kamlet 09-15-2009  Re: Pay for LLC member HLunsford 09-15-2009  Re: Pay for LLC member Gene E. Utterback, EA, RF... 09-22-2009   Re: Pay for LLC member Steve Pope 09-22-2009  Re: Pay for LLC member Stuart A. Bronstein 09-22-2009  Re: Pay for LLC member HLunsford 09-12-2009  Re: Pay for LLC member Bill Brown 09-12-2009   Re: Pay for LLC member Steve Pope 09-13-2009  Re: Pay for LLC member Bill Brown 09-13-2009
Posted by paulthomascpa on September 11, 2009, 8:09 am Please log in for more thread options > I know what my position is, but I'm curious what the Tax Gang thinks > (betcha y'all thought I'd forgotten about the Tax Gang - haven't heard > them mentioned lately). I think I've seen their gang "tag" around town lately. -- Paul Thomas, CPA www.paulthomascpa.com -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by HLunsford on September 11, 2009, 8:26 am Please log in for more thread options paulthomascpa wrote: >> I know what my position is, but I'm curious what the Tax Gang thinks >> (betcha y'all thought I'd forgotten about the Tax Gang - haven't heard >> them mentioned lately). > > > > I think I've seen their gang "tag" around town lately. > > > No, that's the "Tax and Spend" gang, currently lobbying for passing local options sales tax for schools, at least down here in Columbus, GA ChEAr$, Harlan -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Steve Pope on September 10, 2009, 4:45 pm Please log in for more thread options >If a person is working as an employee of a partnership, he gets a W-2 >that reports the compensation he receives as an employee. If he's >also a partner in the partnership, he still gets a W-2 for the work >that he's doing as an employee of the partnership. Am I wrong? No but it would be unusual to pay a managing partner as an employee for his performance of his core duties as a partner, and it might even be challenged. It would be less unusual to construe the payments as guaranteed payments (this is really up to the partners and their agreement), and this would have the advantage that you do not pay FUTA and SDI, and your qualified plan options are richer, and are easier to set up. Generally you're entering in a partnership relationships because the parties do not want to enter into an employer/employee relationship so I suspect this does not come up very often. Steve -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by HLunsford on September 10, 2009, 6:11 pm Please log in for more thread options LoTax wrote: >> > > If a person is working as an employee of a partnership, he gets a W-2 > that reports the compensation he receives as an employee. If he's > also a partner in the partnership, he still gets a W-2 for the work > that he's doing as an employee of the partnership. Am I wrong? > I just HAVE to ask, where did you learn income taxes? Sorry, this is not meant to be confrontational, but we all on this board try to do the right thing , and to answer questions correctly. ChEAr$, Harlan Lunsford, EA in LA -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Bill Brown on September 11, 2009, 9:11 am Please log in for more thread options > If a person is working as an employee of a partnership, he gets a W-2 > that reports the compensation he receives as an employee.  If he's > also a partner in the partnership, he still gets a W-2 for the work > that he's doing as an employee of the partnership.  Am I wrong? Yes, you are wrong. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted Two Member LLC; Now Single Member LLC November 9, 2009, 7:44 pm Another Two Member, Now One Member LLC Question November 9, 2009, 7:44 pm Two member LLC.....one member buys out the other. November 24, 2009, 2:16 pm Single member LLC January 20, 2008, 1:18 am LLC member salaries uneven? November 10, 2006, 5:29 pm Member Active in LLC and Self Employment Tax April 9, 2007, 3:10 am A foreign partner (member) in a LLC March 27, 2008, 11:15 pm LLC foreign member tax problem April 16, 2006, 2:29 am Single-Member LLC and 83(b) Election March 16, 2009, 2:21 pm LLC Tax Question - Member exiting the business November 26, 2006, 10:54 am