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Posts Tagged ‘Independent contractor’

I’ll bet you’re wondering: Will IRS Independent Contractor Amnesty Cover States Too? It’s too soon to say in many cases, but some states are picking up the IRS deal.

If you’re a small business owner using independent contractors, then you’ve probably been watching the new IRS independent contractor amnesty campaign. I’ve written about this subject here before and it has become a hot topic for many business news sources. Now, there’s a new twist – will the states adopt the campaign too? According to Forbes, states may be entering the fray in their own way. Taking on talent is a big deal. Indeed, hiring itself can be a big deal on a small budget; so many employers walk a fine line with their workers; are they employees or are…

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If you treat employees as independent contractors and fail to withhold taxes the IRS can reclassify them and assess potentially crippling retroactive penalties. There are other consequences too.

Are you a small business owner? Do you have any “independent contractors”? Really? Then, watch out! The IRS is looking for revenue. Surprised? Don’t be. If you use independent contractors, then you might need to exercise a bit more diligence. Why, the IRS may consider them to be “employees” masquerading in a tax-cheating disguise. It’s quite common for small business owners to rely on independent contractors, especially in lean times. And, from the perspective of the IRS, the difference can be huge in tax and legal terms. Why? An employer doesn’t have to withhold taxes or pay any benefits (instead,…

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