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 [...]
A recent study from the American Association of Retired Persons (AARP) shows that approximately 40 percent of workers 50 years and older will continue working past the age of 65. There are probably several reasons for this; however, one major reason is that companies are realizing that some of these top notch workers have unique [...]
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 [...]
Imagine you’re sitting alone in your office, looking at a stack of procurement contracts for recently engaged independent contractors (ICs) and realizing you have no idea if they would stand up to the scrutiny of a misclassification audit by a federal or state agency, or a civil lawsuit. You’re the head of Human Resources, responsible [...]
The IRS recently announced the extension of the 2011 reduced payroll tax rate. The Temporary Payroll Tax Cut Continuation Act of 2011 temporarily extends the two percent reduction of Social Security tax withholding on employees’ wages. The rate is temporarily reduced from 6.2 percent to 4.2 percent through Feb. 29, 2012. The IRS announcement states, [...]
The Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2012. The rates are: three percent for overpayments (refunds and credits) two percent for overpayments (refunds and credits) in the case of a corporation three percent for underpayments (liabilities) five percent for large corporate underpayments one-half [...]
Economic pressures and new technology have changed what clients and customers expect. Compared to just a few years ago, clients and customers now want more service for the same cost. As a result, successful companies have become leaner and better able to produce more results with fewer resources. Not only have economic pressures and new [...]
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