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Home / Archives for TaxConnections

TaxConnections

Attacks on Small Businesses That Receive Too Much in Credit Cards

May 21, 2014 By TaxConnections

The IRS has been pushing for many years to capture cash income of small businesses and force him to pay taxes. That is one of the reasons that the IRS is requiring credit card merchant service companies to report a 1099-K for businesses to the IRS.

Filed Under: Tax and Accounting Tagged With: Credit Cards, IRS, Payments, TaxConnections, Taxes

Online Sales and Physical Presence Nexus

May 9, 2014 By TaxConnections

All of the energy and focus on the Marketplace Fairness Act (MFA) has lulled many online sellers into a false belief that they do not need to collect retail sales tax on their online sales until Congress takes action on the MFA. What many online sellers forget is that states can still require online sellers to collect retail sales tax if the online sellers have physical presence nexus in a state.

Filed Under: Tax and Accounting Tagged With: ECommerce, Government, Online Strategy, TaxConnections, Taxes

The Independent Contractor Ranks Are Growing

Apr 28, 2014 By TaxConnections

The number of workers identifying themselves as “independent contractors” is growing in the United States. In 2005 the U.S. Bureau of Labor Statistics determined that the number of independent contractors rose from 6.4% of the workforce in 2001 to 27.4% of the workforce by 2005. In 2010, Navigant Economics claimed the following:

Filed Under: Tax and Accounting Tagged With: Employees, Freelancers, Independent Contractors, TaxConnections

Employers Face Stiff Affordable Health Care Act Excise Taxes

Apr 14, 2014 By TaxConnections

The Affordable Health Care Act (ACA) (“Obama Care”) may lead to stiff excise taxes for larger and midsize employers that misclassify employees as independent contractors.

Filed Under: Tax and Accounting Tagged With: Employees, Health Care, Independent Contractors, IRS, Mistakes, TaxConnections, Taxes

S Corp vs. LLC: Simple as Choosing Salt or Pepper?

Apr 2, 2014 By TaxConnections

When choosing an operating entity for a company, it is very important that we thoroughly research the options available. Your business can be a sole proprietorship, a partnership with someone else, a single member LLC, a pass-through entity like an S Corporation or it can be a C corporation.

Filed Under: Making Your Business Official Tagged With: Business Entity, LLC, S Corporation, TaxConnections

Small Business Payroll: Mistakes and How to Avoid Them

Dec 23, 2013 By TaxConnections

Payroll Compliance is a challenge that many small businesses struggle with. Payroll done by business owners themselves mean that they need to have the know-how to comply with the Internal Revenue Service’s strict rules regarding accurate reporting & deposits.

Filed Under: Operations Tagged With: Employees, Government, IRS, Mistakes, Payroll, Tax Preparation, TaxConnections, Taxes

Year End Planning: Payroll

Nov 15, 2013 By TaxConnections

Doing your last payroll for the year is an important time to make sure you have a tax plan in place. That payroll is often the last cash transaction for the year; your last chance for tax deductions.

Filed Under: Tax and Accounting Tagged With: Accounting, Deductions, Payroll, Tax Preparation, TaxConnections

Business vs. Hobby

Oct 28, 2013 By TaxConnections

Many taxpayers engage in activities they enjoy and do it for a business purpose. Whether the IRS considers it as a business or hobby has important income tax implications.

Filed Under: Tax and Accounting Tagged With: Accounting, Hobbies, Tax Preparation, TaxConnections, Taxes

Tax Tips If You Are Starting a Business

Oct 17, 2013 By TaxConnections

If you plan to start a new business, or you’ve just opened your doors, it is important for you to know your federal tax responsibilities. Here are five basic tips the IRS provides that can help you get started.

Filed Under: Tax and Accounting Tagged With: Accounting, Business Entity, Records, Starting a Business, TaxConnections, Taxes

Independent Contractor Versus Employee?

Oct 11, 2013 By TaxConnections

Is it better to be an independent contractor or an employee? For a small business owner (SBO), the question mostly is how to determine what business relationship exists between the person providing the services & the SBO, and if that relationship is that of an independent contractor or an employee.

Filed Under: Human Resources Tagged With: Employees, Independent Contractors, TaxConnections, Taxes

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