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Putting your kids on payroll for tax savings

If you are a business owner, it might be positive to employ your kids or other family members in the business. Especially, if you are already supporting these individuals at your higher tax rate, it might be quite beneficial to have an expense for the business and save on the taxes paid a lower rate

By |2024-12-15T05:34:03+00:00March 3rd, 2025|Categories: Business, Individuals|Tags: , , , , , , , , , , |

Bipartisan Budget Act of 2015 first results of partnership audit procedures

As the IRS is increasing the attention on partnership returns, especially those with higher asset value or more complexity, we should keep into consideration the first results of the partnerships audits subject to Bipartisan Budget Act that are now ending. The Bipartisan Budget Act (BBA) was passed in 2015, but it was effective from 2018.

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