Can a Partner/LLC Member be Treated as an Employee?

IRS

Estimated Read Time: 4.7 minutes. We are often asked whether an LLC, which is treated as a partnership for income tax purposes, can pay a member as an employee on a W-2 rather than simply making gross distributions from which the member pays self-employment taxes and makes quarterly estimated payments […] Read more »

NJ Bulk Sales Law Revised

The NJ Sales Law was signed into law A-2748 by Governor Christie on September 14, 2011.  The new law exempts individuals, estates and trusts from bulk sales notification requirements that would otherwise apply to the purchasers of one- and two-family residential and certain seasonal rental properties.  Corporations, partnerships and  LLC’s involved in the purchase of one- and two-family […] Read more »

Military Spouses Residency Relief Act

The New Jersey Division of Taxation issued guidance regarding the New Jersey tax consequences of the recently enacted federal law S. 475, the Military Spouses Residency Relief Act.  The federal law allows a military servicemember’s spouse to keep a tax domicile throughout the marriage and keep it while moving from state […] Read more »

Roth IRA Conversions in 2010 and Beyond

Introduction Roth IRA’s were first established under the Taxpayer Relief Act of 1997 which added I.R.C. §408A to the Internal Revenue Code as a new retirement savings vehicle.  Unlike traditional Individual Retirement Accounts (“IRAs”), distributions from which are subject to ordinary income tax, certain “Qualifying Distributions” received from Roth IRAs […] Read more »