So you’ve been contacted by a government tax auditor and verified he/she is legitimate. What now? Before agreeing to a start date for the audit, here are a few questions you may wish to ask the auditor: Why are we being audited? There are a variety of reasons you could have been selected; a random [...]
Here’s a common scenario: You get a letter from the IRS or from a state tax audit agency. It starts out with something like: “Dear Mr. Jones, Your company has been selected for an employment tax audit…” Sometimes, you just receive a phone call, seemingly without warning. Maybe a letter was sent and it was [...]
In the last article I told you about the most common worker misclassification trap companies fall into and how the deck is stacked against the company when a worker classification conflict arises. I’ve talked to many clients who believe they can fix this wrong when they have their day in court. Your day in court [...]
Cutting costs incorrectly during tough times can get you audited. With the current softness in the economy, cutting costs to stay competitive is becoming more common. One way businesses often choose to reduce costs is to minimize the cost of labor. This can mean not filling vacant positions and layoffs, but it can also mean [...]
Washington – The Internal Revenue Service announced this week that interest rates for the calendar quarter beginning July 1, 2008, will drop by one percentage point. This includes the interest charged against tax liabilities assessed for income tax and for employment taxes resulting for misclassified workers. The interest charged is compounded daily. The new rates [...]
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