The Tax Exchange - April 2016
It is not uncommon for employers to experience issues in remitting amounts due for payroll taxes. Often, these issues go unnoticed by the employer and the IRS for long periods of time. As a result, corrective actions may occur well after payroll tax returns are due or filed and may result in additional tax and penalties.
The U.S. Tax Court has restated the ground rules for what is required to use a family limited partnership to transfer wealth from an estate. The case is a reminder that intrafamily transfers need to be founded upon sound business reasons and respected accordingly.