Search results for: “independent contractor”
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New small business employee benefit plan
I am pleased to introduce Freedom Benefits’ new small business flexible consumer driven employee benefit plan for 2018. Three new features are incorporated immediately: 1) Increased opportunities to waive the setup and advisory fees by working through an affiliate accountant or agent, 2) increased range of insurance options to include non-ACA compliant health insurance, and…
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Tax planning for small business owners in 2017
Tax laws change every year, often providing new opportunities for business and personal planning that can save money and improve our overall financial results. This year is no exception. While there are no major changes to tax law affecting small business owners this year, there are a number of more subtle developments in tax procedure…
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Preparing for an audit of your nonprofit organization
Most nonprofit organizations are required to present an annual audit, review or compilation report prepared by an independent accountant. The requirement might be incorporated into the organization’s bylaws or might be required by a government agency or funding organization. The cost of an accounting procedure is substantial and depends on many factors. For discussion purposes…
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Top 10 tax risks of small businesses
a list of the most common income tax risks faced by small businesses that run afoul of IRS rules
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Three benefits of operating as an LLC
If you are self-employed, there may be at least three benefits of operating your business as a Limited Liability Company (LLC). In most states the cost is roughly about $200 to form a LLC and about $100 per year to maintain it. The potential benefits are: Liability protection – This is the usual reason, to…
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How to compare financial service companies
What are the key differences between your bank and its major competitors? What about your insurance company, payroll service provider or investment company? Would one of them offer you a better deal if you had specific information to make that request? The financial services industry is fiercely competitive and each firm is impressively skilled in promoting…
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Clear explanation that there are no “1099 employees”
I like this clear simple language in Employee Benefit News: “Employers face an uphill battle in classifying a worker as an independent contractor due to DOL guidance that defines ‘employee’ so broadly that such a classification should only be reserved for a narrow subset of workers.” It is amazing how many employers are oblivious of…
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Most workers are employees
The issue of worker misclassification – where businesses classify workers as independent contractors and local, state and federal authorities call them employees – is a long-standing problem area for small businesses. Federal and state auditors (not just tax but worker’s compensation as well) have been engaged in an aggressive “crackdown” on misclassified workers. This week…
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Who is your employee?
How to distinguish between employees and contractors and the risks of making an incorrect classification
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Small businesses wrestle with Form 941 Employer’s Quarterly Federal Tax Return
IRS Form 941 Employer’s Quarterly Federal Tax Return is, almost by definition, one of the most often-encountered sources of tax trouble for small businesses. This is the tax form that reconciles the amount of wage tax that has been sent (or is now being sent) with the employer’s liability for collecting and submitting these funds.…