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Prizes, Taxes and 1099s, Oh My!
Posted by Michael Beauchemin on Tue, Apr 12, 2011 @ 09:46 AM Are you thinking of giving away prizes, or coupons as prizes,that have a total cash value of more than $600, to any single individuals? If so, beware, you will have to send out a 1099 to any indvidual that you give more than…
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Independent Contractors and the IRS
The Voluntary Classification Program, Independent Contractors and the IRS From the HR Pros at Richard A. Beauchemin, CPA / Carolina Accounting & Tax Services, PLLC In pursuit of employers who misclassify their workers, the U.S. Department of Labor (DOL) has been aggressively ramping up the number of investigations and its employment law enforcement efforts. In a…
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Incorrect W2s and 1099s Will Cost You Money
How Incorrect W2s Cost You Money The deadline for issuing W2s and 1099s is fast approaching. If you have not sent out your W2s or 1099s you will have to act quickly. The deadline is January 31. As important is not sending out incorrect w2s. If you miss the deadline the IRS can levy fines per missing or…
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5 Ways IRS Determines Worker Classification
How IRS Determines Worker Classification Matters How IRS determines worker classification has a significant impact on your business if you are employing 1099 contractors. Mistakenly classifying an employee as an Independent Contractor can result in a significant back tax bill and heavy fines. Over the past few years the IRS has aggressively been pursuing employers…
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