Help ensure the IRS doesn’t reclassify independent contractors as employees
- ByPolk & Associates
- May, 21, 2021
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Many businesses use independent contractors to help keep costs down. If you’re among them, make sure workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be a costly error. It can be complex to determine whether a worker is an independent contractor or an employee for federal income and employment tax purposes. The IRS and courts have generally ruled that individuals are employees if the businesses they work for have the right to control and direct them in their jobs. Otherwise, they’re generally contractors. Contact us if you’d like to discuss how the rules apply to your business. We can help ensure your workers are properly classified.
The Restaurant Revitalization Fund is now live
- ByPolk & Associates
- May, 06, 2021
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The COVID-19 pandemic has affected various industries in very different ways. Widespread lockdowns and discouraged movement have led to increased profitability for some manufacturers and many big-box retailers. The restaurant industry, however, has had a much harder go of it — especially smaller, privately owned businesses in economically challenged areas. In response, the Small Business […]
Tax filing deadline is coming up: What to do if you need more time
- ByPolk & Associates
- May, 06, 2021
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This year, the deadline for filing 2020 individual tax returns is May 17, 2021. The April 15 due date was postponed due to the pandemic. If you still aren’t ready to file, request a tax-filing extension. Anyone can request an automatic extension with IRS Form 4868. This extends the filing deadline until Oct. 15, 2021. Be aware that a filing extension doesn’t grant you an extension of time to pay your taxes. You need to estimate and pay any taxes owed by the deadline to help avoid possible penalties. In some special situations, people can receive more time without filing Form 4868. This includes victims of certain disaster victims, military members in a combat zone and U.S. citizens abroad.
Providing education assistance to employees? Follow these rules
- ByPolk & Associates
- May, 06, 2021
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Many businesses provide education fringe benefits so their employees can improve their skills and gain knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from an employer for education under a “qualified educational assistance program.” For this purpose, education means any instruction or training that improves or develops an individual’s capabilities. It doesn’t matter if it’s job-related or part of a degree program. Different rules apply if the education is job-related. In addition to education assistance, some employers offer student loan repayment assistance. Contact us to learn more about setting up an education assistance or student loan repayment plan.
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