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The Death of S Corporations?

Corporations, limited liability companies, and certain other business entities can make an election with the Internal Revenue Service to be taxed under Subchapter S of the Internal Revenue Code.  If such an election is made,...more

South Carolina Department of Employment and Workforce Announces Major Tax Cut for South Carolina Employers

The South Carolina Department of Employment and Workforce (SCDEW) administers the South Carolina unemployment benefit program for state residents, and which is funded by a state-wide unemployment tax on employee wages....more

Section 4980H Employer Shared Responsibility Payments (ESRP): The New “IRS Employment Tax Penalty”?

Many employers began to receive notices from the IRS in 2018 proposing the assessment of a payment against the employer for the tax years 2015 and 2016 under Section 4980H of the Internal Revenue Code. The issuance of these...more

Unpaid Federal Employment Taxes: The Government’s Chief Enforcement Priority

Businesses that have employees must pay wages and salaries to their employees, and the employer must collect federal employee income taxes and the employee’s share of social security (FICA) from these wages and salaries, add...more

Not Paying Your Federal Employment Taxes? The IRS Power to Seek a Federal Court Injunction Against Businesses and Their Owners

Where a business does not pay its federal employment and/or unemployment taxes, and continues in operation, the IRS will utilize administrative measures, including tax liens and levies, to collect the unpaid taxes....more

President Signs New Tax Law: The Return of Corporations for Small Businesses?

President Trump signed into law a major overhaul of the US tax system. The corporate tax rates have changed from a system of graduated tax rates up to 35% to a flat tax on corporate profits of 21%. The alternative minimum tax...more

Federal Employment Taxes: Employee-Independent Contractor Issues (Part 5)

Section 530 Relief - Employers that have workers which the employer classifies as “independent contractors” (Form 1099) risk having these workers reclassified by the IRS as employees. This is a major audit area for the...more

Federal Employment Taxes: Employee-Independent Contractor Issues (Part 4)

IRS Voluntary Worker Classification Settlement Program - Employers that have workers which the employer classifies as “independent contractors” (Form 1099) risk having these workers reclassified by the IRS as employees....more

Federal Employment Taxes: Employee-Independent Contractor Issues (Part 3)

IRS Form SS-8 Determinations of Employee Status - Employers that have workers which the employer classifies as “independent contractors” (Form 1099) risk having these workers reclassified by the IRS as “employees.” This...more

Federal Employment Taxes: Penalties and Interest (Part 2)

Employers that pay wages and other forms of compensation to their employees must comply with federal tax return filing and payment/deposit requirement. Employers that receive services from non-employee contractors and which...more

Federal Employment Taxes: Filing and Payment Requirements for Employers (Part 1)

Employers that pay wages and other forms of compensation to their employees must comply with federal tax return filing and payment/deposit requirement. Employers that receive services from non-employee contractors and make...more

My Business Owes IRS Employment Taxes: What Do You Do? IRS Employment Taxes and “Trust fund Recovery Penalty” (Part 7)

Businesses that have employees and pay wages and salaries must withhold federal employee income taxes and the employee’s share of federal employment taxes (FICA) from these wages and salaries. The employer must “match” the...more

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