Despite everyone’s awareness that tax day is rolling around each year, many companies still end up leaving their filings until the last minute. As a result, the last-minute filings can easily lead to accidental mistakes when filing. Nobody wants to intentionally make mistakes, but especially when it deals with your… [Read more]
Department of Labor Independent Contractor Final Ruling
On January 7th, 2021, the US Department of Labor (DOL) announced the updated ruling to clarify its interpretation of independent contractor status as part of the Fair Labor Standards Act (FLSA). Overall, the ruling stands largely unchanged from the original ruling which established a tiered test to determine employee versus… [Read more]
What Triggers an EDD Audit?
EDD Audit Triggers Independent contractor filed for unemployment A disgruntled worker (1099 or W2) reported your company to EDD EDD “randomly” selects your company based on a computer algorithm – one factor is the larger % of independent contractors versus employees compared to your company revenue i.e. Company with $2… [Read more]
How Long Does an EDD Audit Last?
How long does an EDD audit last? If EDD selects your company for an audit of your contractors, you can expect the audit to last between 3 months and 9 months. The purpose of an EDD audit The purpose of an EDD audit is to determine if your workers are… [Read more]
How Far Back Can IRS Audit You?
If IRS selects your return for an audit, the audit will generally cover a 3 year period. That is the statute of limitations IRS has to audit a tax return. More specifically, this is 3 years from the date you file your return. If you filed the last 5 years… [Read more]
Can an EDD Audit Turn into a Criminal Investigation?
In short, yes. If you are paying workers who are not reported on a 1099 or W2 (for instance you are paying workers in cash and have no record of their payroll or payments), EDD may assess a fraud penalty and could open a criminal investigation. If your contractors are… [Read more]
What Triggers an IRS Audit?
IRS selects returns for audit based on numerous criteria. Here are some common ways your return can be selected for an audit: You fail to report income that reported on a W2 or 1099 (this can be from a sale of real estate, 1099-S; non-employee compensation as an IC; 1099-MISC… [Read more]
What are the Different Types of IRS Notices?
There are a variety of different notices that IRS sends to taxpayers, not all of which are as intimidating as many assume them to be. To most, the initial response upon receiving any notice from IRS is a mild amount of panic and confusion. In many cases, this response is… [Read more]
Can IRS Take Money I Owe from an LLC Partnership?
Tax season is often a daunting annual recurrence for business owners. For most businesses, this is because there’s a personal side of taxes too. As a business owner, there’s a high level of personal liability entangled in taxes. Taxes are a necessary evil, and understanding how they work is too…. [Read more]
Why to File 1099s for All of Your Contractors
A 1099 worker, or contractor, is filed differently from a traditional full-time W-2 employee. While employees are eligible for benefits including worker’s compensation and federal unemployment, 1099 contractors are not. Businesses often utilize 1099 contractors to perform work that may not include a long-term need or that is an inconsistent… [Read more]
- « Previous Page
- 1
- 2
- 3
- 4
- …
- 6
- Next Page »