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IRS Offers a Deal to Companies Claiming Contractors

Many companies make payments to independent contractors. The IRS, however, prefers to see workers classified as employees. Over the years, such disputes have triggered tax audits and court cases. Now, the IRS has offered amnesty to companies with questionable claims of hiring contractors.

By | October 24th, 2012|Payroll, Small Business, Taxes|Comments Off on IRS Offers a Deal to Companies Claiming Contractors

Hiring Incentives to Restore Employment (HIRE) Act Enacted Into Law

Obama signed the Hiring Incentives to Restore Employment (HIRE) Act on Thursday! This Act provides employers with the opportunity to receive two new tax benefits when they hire workers who were previously unemployed or only worked part-time. Although household employers are not qualified to receive the benefits, businesses, agricultural employers, tax-exempt organizations and public colleges and universities are. So, before you start hiring, here are some things to think about...

By | March 20th, 2010|Business, Credit, Payroll, Resources, Starting a Business, Taxes, Uncategorized|Comments Off on Hiring Incentives to Restore Employment (HIRE) Act Enacted Into Law

Employee or Independent Contractor?

When you hire someone to work in your business, that individual will either be an employee or independent contractor for tax purposes. Failure to properly classify the worker can subject you to an IRS audit and possibly interest and penalties for failing to withhold and deposit payroll taxes.

By | November 1st, 2009|Business, Entrepreneurship, Payroll, Resources, Small Business, Starting a Business, Taxes, Uncategorized|Comments Off on Employee or Independent Contractor?

Minimum Wage Increases Again!

The federal minimum wage rate for covered, nonexempt employees will change again. On July 24, 2009 it will increase to $7.25 per hour. Keep in mind that many states also have their own minimum wage laws. In the cases where employees are subject to both the federal and the state minimum wage laws, the higher of the two rates should be used.

By | July 23rd, 2009|Business, Entrepreneurship, Payroll, Small Business, Starting a Business, Uncategorized|Comments Off on Minimum Wage Increases Again!