If your business uses independent contractors as part of its work force, depending on the circumstances, the IRS might reclassify these workers as employees. Such a reclassification would expose your business to employment taxes and penalties. In addition, your business might be responsible for retroactive fringe benefits for any reclassified workers.
Tax Return Planning Guide: Download Your Free Ebook
Zinner & Co. tax services , Taxes - Corporate & Business , Taxes - Individual It's that time of year again when most are thinking about filling out their tax return. Many are sifting through shoeboxes full of receipts, others, wondering if they have a receipt. |
What You Must Know if You Are Planning to Hire Employees in the Coming Weeks
Zinner & Co. Taxes - Corporate & Business , Business - Management, Issues & ConcernsIf you are an employer planning to add to your workforce, you need to know about the recent change regarding Form I-9, the Employment Eligibility Verification form. Form I-9 is compulsory for all employers to confirm every newly hired employee’s identity and that they are authorized to work in the United States.
6 Things to Keep in Mind if You Receive a Notice from the IRS
Eric James Taxes - Corporate & Business , Taxes - Individual , IRS , Eric JamesFor some, a simple flip through the day’s mail can soon turn into a panic-producing event. Bad news, bill collectors, or worse, a tax notice from the IRS, state department of taxation, or the local tax agency.
IRS Lowers Mileage Rates for 2017
Barbara Theofilos, CPA, MBA Barbara Theofilos , Taxes - Corporate & Business , Taxes - Individual , IRSThe Internal Revenue Service has issued the 2017 optional standard mileage rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
5 Things Every Small Business Owner Should Do Before Dec. 31.
Richard Huszai, CPA Taxes - Corporate & Business , Business - Management, Issues & Concerns , Richard Huszai, CPA , deductionsFor many small business owners, the fourth quarter signifies a final flurry of activity. Whether that is projecting inventory against sales or contemplating major purchases against anticipated revenue, for those who use QuickBooks software, it may seem as if the program takes care of the business loose ends on their behalf. As a result, business owners view the end-of-year task list as one less thing to think about in the middle of the night.
Ohio Employers to see a FUTA Tax Reduction of $72 per Employee
Zinner & Co. Tax Team Taxes - Corporate & BusinessAs a result of the State of Ohio paying off its unemployment compensation debt to the federal government, Ohio employers will reap the benefit of lower Federal Unemployment Tax they pay this coming January. According to the Ohio Department of Job and Family Services, the state paid the remaining balance of nearly $218 million to satisfy its obligation to the federal government earlier this year.
Obama White-Collar Overtime Pay Mandate Blocked by Judge
Zinner & Co. Tax Team minimum wage , Taxes - Corporate & Business(Bloomberg) An Obama administration policy that would have given more white-collar workers overtime starting Dec. 1 was blocked nationwide by a federal judge in Texas. The decision Tuesday is a victory for 21 states and dozens of business groups that sued, complaining the new rule would increase government costs in their states by $115 million next year alone and would put private employers on the hook for millions of dollars more, possibly leading to layoffs.
Client Alert: Due Dates for Certain Tax Returns are Changing
Zinner & Co. Tax Department Taxes - Corporate & Business , IRSThere are changes in due dates coming for many different business tax returns beginning in 2017, and many business owners are unaware of these changes. What’s changing and how is it changing?
Should I Set Up a SIMPLE IRA For My Employees?
Zinner & Co. Tax Department Taxes - Corporate & Business , Retirement Planning & IRAsThe October 1st deadline is fast approaching...
If you have less than 100 employees, you have until October 1 to set up a SIMPLE IRA plan for you and your employees. Keep in mind that you can't have another qualified retirement plan (example: a 401(k), 403(b), profit sharing, or defined benefit plan) and a SIMPLE IRA.
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