IRS Admits Mistake

IRS Now Says No Payroll Taxes on Family Employment in a Single Member LLC

The IRS admits that its regulation that made the single-member LLC a corporation for payroll tax purposes is unfair to small business family employment.

To right this wrong, the IRS allows the single-member LLC to use the family employment rules to exempt FICA and Medicare taxes (for your children who are under age 18) retroactively to January 1, 2009. The regulation granting this change expires on or before October 31, 2014

You can amend your payroll tax returns.

PostHeaderIcon It’s Not What You Earn, But What You Keep, After Taxes.™
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