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Payroll tax problems are not uncommon. Businesses can find themselves short on cash and unable to pay their tax obligations for any number of reasons. Business owners and partners may hope to have funds available by the time the Internal Revenue Service (IRS) reaches...
The Trust Fund Recovery Penalty (TFRP) is a penalty the Internal Revenue Service (IRS) can use against business owners to recoup unpaid payroll taxes like federal income taxes, Social Security and Medicare taxes. Who can the IRS hold liable for these funds? This tool...
A written contract signed by both parties clearly stating the worker is an independent contractor should suffice to classify that worker as a contractor and not an employee, right? It seems like a reasonable conclusion. Afterall, both parties agreed to this...
One of the most important benefits of a corporate structure is that it tends to shield the individuals involved with running the company from exposure to lawsuits and other legal problems. A Limited Liability Company (LLC), for example, limits liability – that is the...
Words like “payroll,” “tax” and “audit” can be a bit frightening for most employers, representing complex compliance regulations, a time consuming and costly legal process and potential legal problems. The prospect of an audit from California’s Employment Development...
Anyone running a business knows the importance compliance and tax reporting requirements. It is critical to understand the various requirements in order to avoid tax penalties and criminal liability. One of the more important requirements involves 26 U.S. Code §...
An important decision every employer must make, with each individual providing any service to the company, is how to classify that person. Whether to classify someone as an employee or an independent contractor is an extremely important decision for employers. While...
State and federal law requires business owners to classify their workers in one of two categories: employee or independent contractor. The designation is important, as it will impact a business’ tax obligations, insurance needs and requirement to pay overtime. The...
To curb economic disruption caused by the pandemic, The White House is pitching an executive order to ease tax liabilities on workers and businesses by giving them a “tax holiday.” The holiday would halt the collection of payroll taxes, temporarily putting...
Taxpayers in California and across the United States have a short time window before the president's tax order goes into effect. But reports suggest many aren't ready for the transition.The deferral begins Sept. 1 and runs through the end of the calendar year....