Tax benefits of putting junior family members on the payroll
As a business owner, you should be aware that you can save family income and payroll taxes by putting junior family members on the payroll. You may be able to turn high-taxed income into tax-free or low-taxed income, achieve social security tax savings (depending on how your business is organized), and even make retirement plan […]
IRS withdraws proposed rules impacting family businesses
Members of family-owned businesses avoided potentially costly estate planning rules now that the IRS has withdrawn controversial proposed regulations. The IRS proposed late in 2016 a new set of regulations governing family-owned entities under Section 2704. Conducting a formal business valuation of a closely held family entity is often a necessary part of estate planning. […]