The federal government’s Centers for Medicare and Medicaid Services (CMS) has postponed implementation of new regs that would have required employers to report any medical benefits payments to employees who are eligible for Medicare. Despite the delay, you need to know about this new requirement if you're self-insured or pay deductibles on Employment Practices Liability Insurance.
Small Business Tax Deduction Strategies
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.
President Obama’s 2011 budget plan calls for the U.S. Department of Labor to hire 100 new enforcement personnel and gain $25 million in new funding to target employers that misclassify workers as independent contractors (ICs). This comes on the heels of a huge IRS audit program starting last month that randomly selects 6,000 employers for audits over IC and other employment tax issues. Here's a three-factor guideline on how to classify employee or Independent Contractor based off the IRS checklist:
Don’t be in a rush to mail or e-file your 2009 tax return. Your haste can come back to haunt you in the form of penalties, interest and missed tax-saving opportunities. According to the tax pros, here are 10 common mistakes that plague individual filers:
The tax law may protect an “innocent spouse” from joint and several tax liability if numerous requirements are met. For instance, the understatement of tax must be due to errors or omissions by your spouse, and you must establish that you did not know—or had no reason to know—that there was an understatement of tax. However, as a new case shows, there are limits to the relief afforded to so-called innocent spouses.
A taxpayer who represented herself in a Tax Court tussle with the IRS has prevailed in a surprising new decision. The court allowed the taxpayer to deduct almost $15,000 of tuition incurred to attain a master’s degree in business administration. The new case may open the door to deductions in similar situations.
In California, you can’t terminate employees for coming forward to press for enforcement of wage-and-hour claims, even if it turns out the claims were unfounded. That’s because California law strongly supports employee rights to get all the pay they’re entitled to, and efforts to punish employees who are wrong would chill efforts to challenge their employers’ pay policies.
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.