Reclassify Your Independent Contractors
Employee or Independent Contractor? This is an issue that the IRS has attacked for years and is not backing down on. There are times when employers classify “employees” as independent contractors to cut payroll and benefit costs. The difference between the two can often be confusing and unclear. If you feel you might be in [...]
The Latest on Ohio Use Tax Amnesty Program
The recent Ohio budget bill included provisions for Ohioans to come forward and resolve any use tax liabilities. The new program will start October 1, 2011, and end May 1, 2013. Previously this year, the Ohio Department of Taxation (ODT) began a campaign to educate consumers about the use tax and why they may owe. [...]
IRS Increases Standard Mileage Rates
The Internal Revenue Service announced last week an increase in the optional standard mileage rates for the second half of the year. The new rates go into effect July 1st 2011. The IRS made this special adjustment to recognize the increases in gas prices this year. New Mileage Rates:
Three Strikes & You’re Out?!
The IRS has now revoked the tax-exempt status of approximately 275,000 organizations for failure to file required forms for the past three years. Since the Pension Protection Act of 2006 required an annual filing for all tax-exempt organizations, the IRS has been trying to get the message out. Last year the campaign urged organizations that [...]
Best Practices for W-9 Forms
The purpose of a W9 form is to request tax payer identification to determine tax status clarification for vendors. The form certifies if the vendor is exempt from backup withholding and also clarifies if the vendor should receive a 1099 for payments made. Obtaining W-9 Forms for 1099 processing should not be a year-end event. [...]
