Private Client Group Partner Discusses Compliance with the “Nanny Tax” in The Wall Street Journal
The failure to comply with the federal and state employment taxes required of families who hire household employees has made headlines recently with President Trump’s nomination of Rep. Mick Mulvaney (R., S.C.) for the Office of Management and Budget. Indeed, the so-called nanny tax “appears to have fallen off the compliance radar screen” for many taxpayers in recent years, according to Martin Hall, chair of the firm’s private client group, who was quoted in an article on the topic in The Wall Street Journal’s Feb. 13 Wealth Management Special Report (subscription required). Mr. Hall cautions readers that “there’s an awful lot more to this than just filling out tax forms. Shortcuts can prove expensive,” when it comes to other considerations, like proper insurance coverage for individuals and the people working in their homes.