There are several reasons why a New Jersey business might want to classify its workforce as independent contractors. Unlike employees, contractors are not entitled to health insurance, unemployment coverage, paid vacations, family leave, and other benefits that cost the company a significant amount of money. In addition, an employer can write off independent contractor fees […]
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2018 Tax Survey Of New Jersey Business Owners
Tax and tax law can be extremely complex. In fact, there are nearly 10.1 million words in the US tax code. Moreover, tax law is constantly evolving. There were nearly 5,000 changes alone between 2001 and 2012, and there have been even more changes in the past 6 years since 2012. Being able to make […]
What Is the Trust Fund Recovery Penalty (TFRP) & How Can You Settle It?
Stop me if this sounds familiar. Your business is experiencing a temporary cash crunch. You have some accounts receivable, or a big project on the way, but for now, you can barely pay your employees and keep the lights on. So you “borrow” from your payroll taxes aka your employment taxes payments to continue paying […]
Employee Vs. Independent Contractor & Tax Misclassification
The Internal Revenue Service (IRS) once estimated that millions of workers were victims of tax misclassification, being defined as independent contractors when the terms and conditions of their work actually defined them as employees. While some employers do so in genuine error, others misclassify their workforce deliberately for reasons like the following: They are not […]
Can NJ Businesses Benefit from the IRS Offer In Compromise (OIC) Program?
If your company is struggling with tax debt, the good news is that it is possible to make an arrangement with the IRS to reduce what you owe and establish a sustainable repayment plan, using the IRS Offer in Compromise (OIC) program. When economic times are tough, business owners can reach the point where they […]
