Hello,
Long time listener to your show. You both complement each other well with all the tax/legal content, thanks for doing this. Recently I heard about your Family board meeting podcast and wanted to follow up.
We have a S-Corp, and we pay our 2 kids for their work (website design/accounting/organizing mail etc.) from S-Corp to a family management company (FMC) and the FMC pay the kids for their services.
The FMC is setup as a sole proprietorship, and we don’t file taxes for this sole proprietorship entity. so, where can we write off the family board meeting related expenses involving all 4 of us?