Independent Contractor vs. Employee

Hiring people is one of the most important things you do as a business owner and often there can be some gray area as to whether a person is an independent contractor or an employee.  This distinction is very important and can be very costly in the form of penalties and fines, if the wrong classification is made. 

Employee Business Expenses

If you are an owner-employee or have employees, it is important to know the tax rules for employee business expenses. In this segment of our Tax Update, we will explain the reporting and deduction requirements for expenses incurred by employees in connection with your business. 

Prepare for an IRS audit

No doubt about it, tax audits can be stressful!

Who wants to go through an IRS or state tax No one wants to have the experience of going through an IRS examination. But if you do receive a tax exam notice, what should you do?  That is the subject of this week’s Tax Update.

Eliminating Interest Deductions and Tax Reform Updates

Since the Inauguration of Donald Trump as President, Tax Reform has ground to a halt, as Health Care Reform and other more controversial matters have captured Capitol Hill’s attention.  One little noticed proposal some Congressmen are favoring is the elimination of the business interest deduction on loans and other debt. 

Is it Really the IRS Knocking?

With continuing phone, e-mail and in-person scams rampant, in this segment of our Tax Update, we will help you understand how and when the IRS contacts taxpayers, and how to determine whether a contact is truly from an IRS employee. 

While the IRS initiates most contacts through regular mail delivered by the U.S. Postal Service, IRS employees do in fact make official, sometimes unannounced, visits to taxpayers as part of their routine casework. Visits typically fall into three categories:

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