EPISODE 2. LLC Partnership to S Corporation transition discussion. Biden selects Daniel Werfel to be the next IRS Commissioner. Why solvency with Social Security matters. Artwork

Taxcast With Chelsea

Welcome to Taxcast with Chelsea: My background ranges from corporate finance, small business accounting roles, and now serving clients in a tax advisory role. While I enjoy researching and resolving tax issues for clients, I understand not everyone has the same tax resources and the information online can be overwhelming. My goal is to provide tax understanding to the everyday taxpayer. Taxcast with Chelsea is not legal or tax advice for your personal tax situation. My views are my own and am only speaking from a tax practitioner’s perspective for the general understanding of tax topics. I highly recommend you engage with an experienced tax professional if you are looking for personal tax advice. https://www.irs.gov/pub/irs-pdf/pcir230.pdf

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Taxcast With Chelsea

EPISODE 2. LLC Partnership to S Corporation transition discussion. Biden selects Daniel Werfel to be the next IRS Commissioner. Why solvency with Social Security matters.

November 20, 2022 • Chelsea Harper, CMA, EA, MBA • Season 2022 • Episode 2

Today I’m going to review these 3 topics:

Are you wanting to take your LLC Partnership to S Corporation: let’s review the items you should consider before filing that S Corporation election (:47). Also, Biden selects Daniel Werfel to lead IRS – how the next 5 years of his (or any commissioner's) leadership will transform our relationship with the IRS (6:00). Lastly, why Social Security reform should be a priority in the next congressional session and could be a great bipartisan achievement to find funding solvency (11:55).

LINKS:
· https://www.thetaxadviser.com/issues/2022/oct/10-good-reasons-why-llcs-should-not-elect-s-corporations.html

· https://www.wsj.com/articles/biden-picks-daniel-werfel-to-run-irs-11668109928

· https://www.congress.gov/bill/117th-congress/house-bill/5376/text

· https://www.gao.gov/products/gao-22-106032

· https://www.thetaxadviser.com/issues/2022/oct/newly-released-irs-data-book-numbers-confirm-decline-in-audit-rates.html

· https://www.crfb.org/papers/analysis-2022-social-security-trustees-report

· https://www.crfb.org/press-releases/president-should-offer-plan-secure-social-security-medicare

· https://www.crfb.org/projects/trust-fund-solutions

· https://www.crfb.org/blogs/trust-fund-solutions-would-be-pro-growth

· https://www.crfb.org/socialsecurityreformer/

· https://www.crfb.org/our-work/projects/combined-social-security-trust-funds

Connect with Chelsea:
Email: taxcastwithchelsea@proton.me
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**DISCLAIMER**
Taxcast with Chelsea is not legal or tax advice for your personal tax situation. My views are my own and I am only speaking from a tax practitioner’s perspective for the general understanding of tax topics. I highly recommend you engage with an experienced tax professional if you are looking for personal tax advice.
https://www.irs.gov/pub/irs-pdf/pcir230.pdf