The Internal Revenue Service (IRS) recently released its new tax gap estimates. The tax gap can be defined as the amount of tax liability that is not paid on time for any reason. The estimated annual amount increased from $345 billion in 2001 to $450 billion in 2006, and a significant portion of the gap [...]
Here’s a fast quiz you can take to get an idea of the level of risk your company is exposed to for being audited, or other misclassification challenges such as a civil lawsuit when hiring independent contractors (ICs). Awareness of your exposure is the first step to protecting yourself. Answer yes or no to the [...]
Happy New Year! With the parties, parades and college football games largely behind us, it’s sobering to think that there are reports and taxes coming due. Following are a few that you should keep an eye on… On a personal level, you or your accountant will be preparing a Form 1040, U.S. Individual Income Tax [...]
Under the Internal Revenue Code the rate of interest charged on amounts owed is determined on a quarterly basis. The official notice of this rate will be announced in an IRS Revenue Bulletin on December 27, 2012; however, the rates are now known for the first quarter of 2013. The interest rates charged taxpayers who [...]
Almost every year, for decades, there have been unsuccessful attempts to consolidate California’s tax functions. However, this year’s effort seems to have stronger political support. For starters, the 2012-13 Governor’s budget proposal includes money to merge the tax functions of the Board of Equalization (BOE), Employment Development Department (EDD) and the Franchise Tax Board (FTB). [...]
The Internal Revenue Service (IRS) recently released its new tax gap estimates. The tax gap can be defined as the amount of tax liability that is not paid on time for any reason. The estimated annual amount increased from $345 billion in 2001 to $450 billion in 2006, and a significant portion of the gap [...]
It’s time to file taxes, and there are special advantages and special requirements if you’re an independent contractor (IC). An IC is a small business by definition, and as a small business enjoys tax breaks in the form of deductions for expenses employees do not. Deducting business expenses before you pay taxes ICs are entitled [...]
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