1099 Risk BlogTag: IRS
July, 9 2008 by
Technologies Reconcile State & Federal Tax ReturnsToday's news feed reveals that the state of Rhode Island is getting serious about recouping its tax gap -- that difference between the taxes collected and the taxes owed. New technology and the innovation available through a public-private partnership are enabling Rhode Island to feed IRS federal tax data into a data warehouse along with state tax return records, and then mine that data to look for discrepancies. RI expects to recover around $10 million in uncollected taxes, targeted at independent consultants, contractors, and small businesses.
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rhode island, RI, IRS, taxes, tax gap, contractors, consultants, 1099, small business, technology
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May, 27 2008 by mbopartners
House Bill Would Penalize MisclassificationThe flurry of introduced legislation intended to address employee misclassification continues: A new bill introduced in the House by Democratic Representatives Woolsey and Andrews would penalize employers who improperly classify their employees as contractors to save on payroll taxes, benefits, and other costs. The Employee Misclassification Prevention Act would amend the Fair Labor Standards Act to clarify language around employee -- contractor classification [i.e., whether individuals should be paid as a W2 or a 1099], increase reporting and communications between the . . .
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legislation, IRS, DOL, classification, contractors, employees, information sharing, enforcement
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Download White PaperE-Verify Requirements for ContractorsJointly produced by Michael Best & Friedrich LLP and MBO Partners, this paper offers a groundbreaking overview of the legal ramifications and risks for federal contractors required to use E-Verify, with particular attention to how the new regulations apply to independent consultants, independent contractors, small vendors, and other sub-contractors. Get the paper here!
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