Tax filing issues are often problematic for small business owners. This is often due to the simple fact that they have not kept up to date on current tax laws. One issue that can be particularly troublesome is business deductions.Business deductions must be valid, and...
Previously, we began looking at the issue of worker classification and the costs employers can face when they make mistakes in this area. As we noted, employers who misclassify workers may end up having to pay taxes twice if they are unable to provide proof that an...
Worker classification is an important issue for employers as there are tax implications that have to be considered. For workers classified as employees, there are income taxes that must be withheld or paid, including payroll taxes for Social Security and Medicare....
For businesses, correct and timely filing of taxes is an important, ongoing task. Different businesses are, of course, taxed different ways, and it important for every business to establish policies and procedures for documenting tax-related matters and for correctly...
A common saying is that the only two things you can count on in life are death and taxes. While this is true, you should not pay more than the law requires when it comes to your personal taxes. Many filers miss exemptions and deductions because tax law is so...
Earlier this week, Governor Nathan Deal signed into law a measure that, according to supporters, will provide significant tax relief to rural communities. The bill, which passed by a narrow margin, provides $60 million in tax credits to companies that invest in...
Mike “The Situation” Sorrentino, known for his time on the MTV series “The Jersey Shore,” is currently in the midst of a tax case involving charges of fraud. According to federal tax authorities, Sorrentino and his brother set up two businesses...
In recent posts, we've been looking at potential avenues of relief available to spouses who come under IRS investigation based on a discrepancy in a tax filing. As we've noted, innocent spouse relief and separation of liability are exceptions to the general rule that...
In previous posts, we’ve looked briefly at innocent spouse relief, which is available to spouses who did not know and could not have known about understatements in tax reporting reported by their spouse, and it would be unfair to hold them responsible for the...
You can generally classify people who provide services for your business as independent contractors or employees. How you classify each service provider depends on a number of factors, and there is not a simple checklist to determine whether a person is an employee or...
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