This week’s question comes from Mark, a partner in a partnership. I’ve just been made a partner in a partnership. As an employee, I was participating in the company’s Flexible Spending Arrangement (FSA) plan. I’ve been told I can no longer participate. Can a partner...
This week’s question comes from Carl, a partner in a partnership. I am an investor in a partnership and own a 25% interest as a partner. I also work for the business that the partnership owns. Can I be paid through payroll, have tax withheld, and receive a Form W-2?...
The Massachusetts Department of Revenue (DOR) has clarified its position on the deductibility of 401(k) contributions. In Income Tax Directive 08-3, effective for 2008 and later years, the DOR denied deductions for 401(k) contributions for partners and self-employed...
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