Oops! That’s what the IRS says about its regulation that required corporate payroll tax treatment for single-member LLCs after December 31, 2008.1

In their confessions, the IRS and the Treasury Department admit that they did not intend to eliminate the pre-2009 single-member LLC tax breaks that applied to family employment, such as the favorable avoidance of FICA, Medicare, and unemployment taxes when a parent hires his or her child.

The Family Employment Tax Break

Under the family employment rules, when a parent hires ... Log in to view full article.