September 1998 Issue

LLC SELF-EMPLOYMENT REGULATION TO REMAIN ON HOLD

The IRS informally announced that its regulation proposal to define when an LLC member will be treated like a limited partner for self-employment tax purposes will remain on hold. The controversial regulation proposal was placed under a moratorium by Congress in the Taxpayer Relief Act of 1997. That moratorium expired on July 1, 1998, but an IRS representative speaking at the AICPA Tax Division meeting on June 8 noted that the IRS is unlikely to proceed further with the regulation project until Congress provides more guidance concerning how it wants the IRS to proceed. *

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