In the IR-2024-167, the IRS shares the Frequently Asked Questions and general guidance on how the employee's w2 will not reflect any additional compensation for educational assistance programs with benefits of up to $5,250 if there is a section 127 program at your employer. This is an excellent way to have the employer pay for
As part of the Issue Number: IR-2021-186 and , the IRS reminded business owners the differences between independent contractors and employees. Independent contractor vs. employee Whether a worker is an independent contractor or an employee depends on the relationship between the worker and the business. Generally, there are three categories to examine: Behavioral Control −
On the Tax Tip 2021-103, the IRS reminds us the importance of using legitimate and reliable payroll services (for example, well known companies such as Paychex, ADP, Gusto, etc.). The IRS mentioned that "when hiring a company to handle payroll and payroll tax, employers should carefully choose their payroll service provider. This can help a
The IRS is providing more and more tools for the taxpayers to access their information online, calculate Child tax credit, or estimate their w2 withholdings (employees). The withholding estimator is a series of questions (it is a long process as it is really detailed), but it might help you estimate your w2 withholdings better. If
After being involved with a large number of applications, we have summarized some relevant tips when you apply. Keep in mind that each financial institution is different, they have different intake process (online portal, email, etc.) and different requests. Have the 1st round PPP information available - a) PPP 1st round SBA loan number and
The designation of Employee (w2) vs Independent contractor (1099) is not up to the free will of the parties. It has to follow regulations released by the IRS, DOL, and State authorities. Some business owners might consider that independent contractors might be less costly as there is no employer portion, no payroll processing fees, no workers
