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
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
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
4/15/2019
/ Applicable Large Employers (ALE) ,
Code Sections 4980H ,
Employer Group Health Plans ,
Employment Tax ,
Health Insurance ,
Internal Revenue Code (IRC) ,
IRS ,
Shared Responsibility Rule ,
Tax Assessment ,
Tax Credits ,
Tax Penalties
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
10/29/2018
/ Criminal Prosecution ,
Department of Justice (DOJ) ,
Employer Liability Issues ,
Employment Tax ,
Enforcement Actions ,
Federal Taxes ,
FICA Taxes ,
Form 941 ,
Income Taxes ,
IRS ,
Social Security Taxes ,
Tax Debt ,
Tax Liability ,
Wage and Hour
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
Under the Tax Cuts and Jobs Act, Congress is now offering a new 20% deduction for “pass-through” businesses – i.e. businesses that are not corporations. With the corporate tax rate being reduced under the new law to a flat...more
2/13/2018
/ Beneficiaries ,
Business Income ,
Business Ownership ,
Business Taxes ,
C-Corporation ,
Capital Gains ,
Compensation ,
Corporate Taxes ,
Employment Tax ,
FICA Taxes ,
FUTA ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Limited Liability Company (LLC) ,
New Legislation ,
Partnerships ,
Pass-Through Entities ,
S-Corporation ,
Shareholders ,
Sole Proprietorship ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration ,
Wage and Hour
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
12/27/2017
/ Alternative Minimum Tax ,
Business Profits ,
Business Taxes ,
C-Corporation ,
Corporate Taxes ,
Employment Tax ,
Income Taxes ,
IRS ,
Mortgage Interest ,
New Legislation ,
Pass-Through Entities ,
Personal Exemptions ,
Personal Services ,
Shareholders ,
Small Business ,
Standard Deduction ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration
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
12/20/2017
/ 1099s ,
Employer Liability Issues ,
Employment Tax ,
Federal Taxes ,
Income Taxes ,
Independent Contractors ,
Internal Revenue Code (IRC) ,
IRS ,
Misclassification ,
Tax Audits ,
Tax Liability ,
Tax Penalties ,
Tax Relief ,
W-2
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
12/8/2017
/ 1099s ,
Closing Arguments ,
Employment Tax ,
Federal Taxes ,
Income Taxes ,
Independent Contractors ,
IRS ,
Misclassification ,
Tax Audits ,
Tax Liability ,
Tax Penalties ,
VCSP
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
11/30/2017
/ 1099s ,
Determination Letter ,
Employer Liability Issues ,
Employment Tax ,
Federal Taxes ,
Independent Contractors ,
IRS ,
Misclassification ,
Tax Audits ,
Tax Liability ,
W-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
11/22/2017
/ 1099s ,
Employment Tax ,
Federal Taxes ,
Filing Requirements ,
Form 941 ,
Form W-9 ,
Interest Payments ,
IRS ,
Tax Penalties ,
W-2 ,
W-3 ,
W-4 ,
Withholding Tax
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
11/10/2017
/ 1099s ,
Employment Tax ,
Federal Taxes ,
Filing Requirements ,
Form 941 ,
FUTA ,
Independent Contractors ,
IRS ,
W-2 ,
W-3 ,
Wage and Hour
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