Layoffs are difficult for employees and employers alike. In these tough economic times, some employers are trying to help employees during layoffs and help prevent the permanent loss of good employees by implementing supplemental unemployment benefit plans.
Small Business Tax
Section 179 vehicles should be a key part of your small business tax deduction strategies. Can Section 179 property fit in with your business tax strategies?
Let Business Management Daily help you get each and every rental property depreciation credit and business tax deduction you’re entitled to.
Failing to comply with a new law could wind up costing some employers lots of money—if they’re self-insured or pay deductibles on Employment Practices Liability Insurance coverage. As of Jan. 1, entities that pay Medicare-eligible individuals to resolve claims involving medical expenses must report those payments to Medicare. The penalty for noncompliance: $1,000 per day.
Using money from the federal American Recovery and Reinvestment Act stimulus funding law, a statewide initiative called Project HIRE (Hometown Investment in Regional Economies) could pay Ohio employers $6,000 to train each qualified new worker they hire.
Q. Can I deduct the cost of an employee’s error from his or her paycheck?
As you thumb through the mail one day, an unassuming letter catches your eye. Return address: The IRS. You nervously tear open the envelope and your worst fears are confirmed: The IRS has chosen your return for a correspondence audit. How do you beat an IRS audit?
If you bought a new car in 2009, get out your calculator: Your tax deduction choices are more complicated this year. Here’s why:
Q. My friend says you can deduct the value of your house if you allow the local fire department to burn it down. Is this possible?
The IRS recently issued final regulations covering procedures for installment payment agreements with taxpayers who can’t pay their federal income tax liabilities on time. The final regulations generally take a pro-taxpayer approach. For instance, the IRS will provide taxpayers with a 30-day notice if it intends to modify or terminate an installment payment agreement.
The IRS is gearing up for closer inspection of vehicle donations and says deductions will be automatically disqualified until taxpayers provide the required documents.
With the IRS beginning a nationwide crackdown on employers that try to dodge payroll taxes, now’s the time to make sure your workers are properly classified. Starting in February, IRS auditors began poring over the records of thousands of employers to root out organizations that try to cheat the system by calling workers contractors when they’re actually employees.