Employee or independent contractor, what’s the difference ? The distinction may be challenging to make sometimes, but the IRS has very strict rules about it. Depending on the size of your business Onboarding a new hire can involve a lot of reading and writing for both of you. You may want the new worker to […]
Business Taxes
The Top 5 Ways Businesses Get in Trouble With the IRS
As a small business owner, you probably know that willfully avoiding paying taxes will lead to severe problems with the IRS; however, IRS problems aren’t always a result of a business owner’s intentional actions. These are five ways business owners can get into trouble with the IRS that they might overlook or not realize. 1. […]
Payroll Taxes: Who’s Responsible?
Any business with employees must withhold money; payroll taxes from its employees’ paychecks for income and employment taxes. Including Social Security and Medicare taxes (known as Federal Insurance Contributions Act taxes, or FICA). A business that knowingly or unknowingly fails to remit these withheld taxes in a timely manner will find itself in trouble with […]