After several years of tight budgets, the IRS recently received a budget increase. This will allow it to reenter geographical areas where it has had to pull most of its physical presence. Staff has been expanding and enforcement efforts are being increased.
Many businesses hire workers as independent contractors, rather than full-time employees, to reduce costs. However, the rules that govern whether someone is a contractor or employee examine factors of the person’s work environment – not what the company calls them. As we have seen with companies like Uber, the answer is not always cut and dried, and getting it wrong can have serious consequences.
Tax liens complicate both business and personal finances. Efforts to obtain new property, sell property or open new lines of credit suffer when a tax lien exists on your business assets. The first step to addressing this issue is understanding what a tax lien is. Then, you can decide the best way to resolve it.
You’ve been working at your regular, full-time job for a few years now. This year, you decided to use your free time to earn a little extra income. So you started marketing yourself as a freelance consultant for local businesses in your area. The money you earn from this work allows you to treat yourself to a well-deserved vacation or establish a rainy-day fund.
In a previous post, we discussed how a nonprofit can apply for tax-exempt status. One common misconception that many nonprofit owners have that, once they achieve this status, they don’t have to take any further action. This misunderstanding can land nonprofits in real trouble.
If you’re starting up a nonprofit, you probably have questions. You may have heard that charitable organizations can receive tax-exempt status. However, this designation is not automatic. The IRS has fixed regulations on which organizations are eligible and what they must do to qualify.
Your first day at a new job is often a flurry of activity. You’re going through orientation, you’re taking diligent notes and you’re trying to remember every new thing you learn.
In the Atlanta metro as well as across the state, long wait lists at the best day care locations and Montessori preschools are normal. When expecting there is time to get on wait lists, but if relocating quality child care may be more difficult than finding a new home.
If you’re an employer, you’re probably always looking for ways to cut corners and increase your bottom line. It might surprise you to learn that the Internal Revenue Service (IRS) offers a way to help you out. The IRS is creating an added tax incentive for you to hire candidates in disadvantaged circumstances—and it can end up saving you a lot of money.