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Hiring a New Employee? Learn How to Save Money on That New Employee

Earlier this year, the Hiring Incentives to Restore Employment (HIRE) Act was signed into law.  In that bill, a company, hiring a “qualified employee” could save the 6.2% social security tax that employer’s are obligated to pay on employees’ salaries.  In a previous post we outline the benefits.  You may also find additional information in our HIRE…

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What’s Your Exposure, As a Business Owner, to This 1099 issue?

Do you hire 1099 contractors for your business?  if so, this CNNMoney.com article is a must read.  The IRS launched an initiative this spring to audit businesses that hire 1099 contractors.  Initially, the plan calls for auditing 6,000 businesses to determine if businesses are improperly classifying workers as 1099 contractors rather than employees.  The obvious benefit…

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Business Owners, Do You Accept Credit Cards? What’s Coming in 2011

Does your business accept credit cards? be prepared, beginning in 2011, merchant processors that process credit cards, debit cards and third party network transactions will be required to issue their clients a 1099.  A 1099 will be required when the number of transactions processed for their merchant client, exceed 200 in a calendar year or…

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Welcome to Healthcare Tax Compliance Hell!

Beginning in 2012, all businesses, including sole proprietors, partnerships and corporations will have to issue a 1099 to any person or business when they purchase any goods or services that exceed $600 per year. That’s correct, now when Larry the landscapers buys gasoline from Bill’s Stop & Go because he has the cheapest gasoline, and…

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