The construction industry was one of the hardest-hit sectors when the recession struck, and state investigations indicate that many contracting firms may have broken federal and state tax laws by mislabeling employees as independent contractors. The tax treatment for contractors differs greatly from that of employees, as companies that employ the former are not required […]
The Internal Revenue Service was not wholly unaffected by budget cuts and the federal sequester, and saw many of its financial resources diminished as a result. In response, the IRS may lean on technology solutions to detect tax law violations and penalize criminals. However, the agency’s use of new data mining innovations has raised a […]
Tax season is officially here, and business owners with independent contractors and employees should not misclassify workers to avoid attracting the ire of the Internal Revenue Service. In an effort to close the tax gap and ensure full compliance with federal tax law, the IRS is focusing more closely on business tax returns and, specifically, […]
Avoid Tax Compliance Issues There are a number of perks to hiring independent contractors for jobs, rather than relying on salaried employees. However, there can also be potential tax law missteps related to issuing forms to freelance workers, making it important for business owners to tread cautiously around filing season. Failing to comply with federal […]
