If you read my last article for ICs you can probably guess. There are a whole bunch of reports and taxes coming up that must be filed and paid. What are some examples? You probably thought of the Form 1040, U.S. Individual Income Tax Return that everyone must submit by April 15th (unless you request [...]
This article is for the IC Consultant. One of the biggest advantages to being an IC over an employee is the tax breaks. A small business gets to deduct expenses employees do not. However, there are also responsibilities attached to the benefits. Here are a few items to think about: Business Deductions: If you are [...]
In a recent article I briefly covered some points about the IRS Safe Harbor provision under Section 530 IRC. Coincidently, the Sixth Circuit Court of appeals issued a decision that may add a ray of hope for all businesses using Independent Contractors. That is, if you meet the requirements. In Peno Trucking, Inc. v. Commissioner [...]
If so, are you treading on thin ice? What is Safe Harbor? Some think Section 530 of the IRC is a “Get Out of Jail Free Card.” They think a business that qualifies for Safe Harbor may treat a worker as an Independent Contractor for federal employment tax purposes, (see Thin Ice Warning below) regardless [...]
SACRAMENTO-In November, Governor Schwarzenegger called back the lame duck lawmakers to fix the budget crisis for California. As you may have guessed, nothing was accomplished, so now he has called a special session of the new legislators to work on the problem. What’s on the table? Governor Schwarzenegger said, “Without immediate action our state is [...]
The November election resulting in President-Elect Obama and a strong Democratic majority in Congress will create a wind of change like we have not seen in…well…ever. One big winner of this wind of change will be organized labor. For example, the new congress and President-Elect Obama are expected to enact the Employee Free Choice Act [...]
WASHINGTON-In June 2008, I reported that the Department of Homeland Security (DHS) and the Social Security Administration (SSA) had joined forces to require private companies doing business with the federal government to ensure their employees are working here legally. At that time, the federal government was also considering making this a requirement for all employers [...]
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