We all make mistakes. But in the tax world, even the smallest mistake could cause a huge problem for your business. An error or problem with your tax return could mean late processing — which could result in a delayed refund — an IRS audit, or even filing penalties. Business… [Read more]
What is Corporate Tax Compliance?
For any business to succeed, it must follow the laws and regulations associated with it. Your business stays compliant when all employees — from the CEO down — are aware of what laws the company needs to adhere by. It’s essential to build a culture of compliance. Leaving the responsibility… [Read more]
What to Expect from Your Upcoming EDD Audit
The State of California’s Employment Development Department (EDD) is responsible for collecting employment payroll taxes to fund and administer unemployment and disability insurance, paid family leave, and other state programs. Beyond tax collection, the EDD also has the authority to issue audits to anyone operating a business within California. The… [Read more]
What is an Offer in Compromise?
When you owe the Internal Revenue Service more than you can reasonably afford to pay, they may be willing to negotiate with you. That’s where an Offer in Compromise (OIC) can help mitigate your financial burden in this situation. An OIC requires you to submit specific forms that explain to… [Read more]
When Do I Need a Tax Attorney and When Do I Need a CPA?
It can be complicated to know when to contact a tax attorney versus when to reach out to a CPA, especially when you need help with your taxes. Both professionals can help you with tax-related issues, but despite their similarities, a tax attorney and a CPA are used for very… [Read more]
5 Mistakes Businesses Can Make When Hiring and Working With Independent Contractors
You hire independent contractors to help you with specialized or contract work. But if you find yourself engaging in what may be considered an employer-employee relationship with your independent contractor hires, you may be contacted by the EDD and the IRS for a potential mislabeling claim. Mislabeling is one of… [Read more]
Ways to Mitigate Your Risk of an EDD Audit
If you utilize contractors in your business, you are responsible for all of their financial, legal, and administrative paperwork. One of the most important responsibilities you are in charge of is withholding employment taxes and remitting them to the appropriate agencies. Failing to do so (or improperly filing) can result… [Read more]
What is Form SS-8 and When Do I Need to Use It?
Each industry has to follow specific hiring procedures and paperwork, particularly for tax and benefit purposes. When working with independent contractors, you must correctly label them for your business tax purposes. Yet determining who is an independent contractor and who is an employee can be challenging. If you accidentally mislabel… [Read more]
I Missed the Deadline to File Taxes: What Do I Do Now?
If you’ve missed the official deadline to pay your taxes, don’t stress. Getting back on track with your taxes is, in many cases, simpler than most people think. Whether you owe individual taxes or taxes for your small business, the easiest solution is to pay your taxes as soon as… [Read more]
How to Handle a Misclassification Audit
Any company that utilizes both W-2 employees and 1099 independent contractors must be vigilant in classifying them correctly for tax purposes; as an employer, you are responsible for withholding and remitting employment taxes for the former group, but not the latter. Failure to properly classify your workers into their correct… [Read more]
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