The Social Security Administration (SSA) has announced that the maximum amount of earnings subject to OASDI Social Security tax will rise to $127,200, in 2017 after holding at $118,500 for 2016 and 2015. The SSA cost-of-living adjustments (COLAs) are based on the rise in the average Consumer
Read more →The IRS has issued a fact sheet (FS-2015-22) covering the basic information about business taxes needed by anyone who is self-employed. Generally, an individual is self-employed if they: (1) carry on a trade or business as a sole proprietor or independent contractor, or are otherwise in business
Read more →IRS Chief Counsel (CCA 201436049) has concluded that so-called limited partners of an investment management firm were not limited partners of the firm (a limited liability company (LLC) treated as a partnership) and were being paid compensation for services. Therefore, the amounts they received from the firm
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