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]
6 Mistakes Businesses Can Make When Hiring and Working With Independent Contractors
Business owners hire independent contractors to help with specialized or contracted work. But, as a business owner, 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 Employment Development Department (EDD) and/or the Internal Revenue Service… [Read more]
Federal Net Investment Income Tax
The Net Investment Income Tax of 3.8% (IRC 1411) applies to unearned income – i.e. income from interest, dividends, annuities, royalties, rents (not derived from the ordinary course of trade or business). The tax, however, does not apply to interest from tax-exempt bonds, veteran’s benefits. This tax does applies to… [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]
Response to Article: “Are You Ready to Be Audited”
Laura Saunders wrote a wonderful article published in The Wall Street Journal titled “Are You Ready to Be Audited?” The article provides great insight into factors that influence why the IRS selects certain taxpayers to be audited based on income and errors reported on a return. This blog dissects the… [Read more]
Tax Compliance Tips for California Businesses
Whether or not you owe any sales and use tax, California mandates that any business holding a seller’s permit routinely file sales tax returns. Depending on the situation, this may be every month, quarter, or year. Considering the extensive regulations regarding California sales tax, any business, large or small, needs… [Read more]
Understanding EDD Obligations as a California Employer
All employers in California have certain state tax requirements on top of their federal tax obligations. California state taxes for businesses fall into four categories: unemployment insurance (UI), employment training (ETT), state disability insurance (SDI) and personal income (PIT). The first two are the responsibility of the employer to pay,… [Read more]
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