Every business with employees is required to pay payroll taxes However, occasionally a business may find itself running short on cash with specific debts, such as rent and bills to suppliers for example, taking immediate priority over taxes and u
The distinction between “employees” and “independent contractor” is significant when it comes to the responsibilities of the business towards that person.
Businesses are required to pay payroll taxes, which are computed and withheld from employees’ taxes. The employer is then required to turn over the withheld amounts to the IRS.
Taxation is just one of many areas of law involved in disputing a workers status as either an employee or an independent contractor for the purposes of payroll taxes.
By federal law, employers are required to withhold certain funds from their employees’ wages and pay them to the IRS in the form of income and payroll taxes. 26 US Code Sec.
The Safe Haven and Voluntary Classification May Save Your Business From the IRS. Recently, under the Trust Fund Recovery Act (TFRA), the IRS has made it a priority to target businesses which misappropriate funds collected from employees for the purpose of paying payroll taxes.
Nearly every business needs to hire or contract with other businesses or individuals to provide services in the course of running the business. In doing so, the owners and managers have a duty to determine if the individuals are employees or independent contractors.
As married couples prepare to file their income tax returns, the question of filing status is one that must be addressed, particularly for newly married couples. Should you file under “married filing jointly status”? What are the benefits and potential drawbacks?
An offer in compromise is an agreement between a taxpayer and the government that settles a tax liability for payment of less than the full amount of tax owed.