[IMGCAP(1)]With tax season in full swing, it’s a good reminder that families with household employees have some impending deadlines. As most tax professionals are aware, the often overlooked household employment taxes or “nanny taxes” present a unique set of challenges because of families’ lack of experience with payroll, tax and labor law and, therefore, their propensity for mistakes and omissions.
If you have clients that crossed the FICA reporting threshold last year ($1,800 or more in a calendar year), here are the steps to close the books on their 2013 household employer obligations so you can process their income tax returns:
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