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IN A BUSINESS PARTNERSHIP. CAN THE PARTNERS DRAW A NORMAL ...

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IN A BUSINESS PARTNERSHIP. CAN...
IN A BUSINESS PARTNERSHIP. CAN THE PARTNERS DRAW A NORMAL PAY CHECK WITH TAXES HELD OUT

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KENT, Washington






Submitted: 11 years ago.Category: Tax
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Answered in 4 hours by:
1/27/2006
Tax Professional: Jon Andrews, Certified Public Accountant (CPA) replied 11 years ago
Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3,118
Experience: I deal with all levels of tax planning and controversy - from the ordinary to the complex.
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They are not supposed to do that - partners are supposed to get "guaranteed payments" instead of a paycheck and pay quarterly estimates instead of having withholding.


However, I am aware of many partnerships that do pay one or more partners through their normal payroll.


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