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December 2015 » Navigating the Nanny Tax Conundrum
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Mohammad Usman, JD
Some high-net-worth individuals may have a “nanny tax” problem or, more technically, a household employment tax problem: When a family hires a worker to perform certain types of recurring work in the family's home, the worker may be treated as a household employee and the family may owe household employment taxes. Families that have a household employee but do not pay the requisite employment taxes may find themselves in a situation where they must quickly correct that error—and they will likely confront several challenges when doing so.
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