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Small Businesses Fight IRS Over Data: |
The Internal Revenue Service, moving aggressively to collect more taxes from small businesses, is telling companies being audited to turn over exact copies of the electronic records kept in their business-software programs, according to a letter from an agency official to the American Institute of CPAs.
The accounting group fears this will force small businesses to turn over customer lists, personnel data, confidential client information and other unrelated information often contained in the off-the-shelf software programs many businesses use to manage all aspects of their finances.
Small-business groups are beginning to push back, saying the agency shouldn't treat small firms like bigger businesses, which usually have elaborate accounting systems and are able to give the IRS only the data the agency seeks. Small businesses, defined by the IRS as those with assets of less than $10 million, often use one off-the-shelf software program such as Intuit Inc.'s QuickBooks or Sage Group's Peachtree.
Click Here to read the full article, courtesy of the Wall Street Journal.
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IRS Stepping Up Audits On Employee Classification: |
If an employee is incorrectly identified as an independent contractor you may be liable for the self employement taxes that you should have paid plus penalties. If you are unsure don't feel bad you are in common company. Congress’ General Accounting Office (GAO) has estimated that 38 percent of employers examined misclassified "independent contractors". Both WalMart and FedEx have lost lawsuits or paid penalties relating to misclassification of employees.
The general rule is that an individual is an independent contractor if , the person for whom the services are performed have the right to control or direct only the result of the work and not the means or methods of accomplishing the result.In determining whether the person providing service is an employee or an independent contractor, all information that provides evidence of the degree of control and independence must be considered.
Click Here to read the full article courtesy of Accountants World.
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We have offices in Key West, Marathon and Islamorada for your convenience:
Pribramsky & Zuelch-Key West
937 Fleming Street
Key West, FL 33040
P: 305-294-8137
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Pribramsky & Zuelch-Marathon
2951 Overseas Highway, Oceanside
Marathon, FL 33050
P: 305-743-4703
F: 305-743-5469
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81990 Overseas Highway, Suite 202
Islamorada, FL 33036
P: 305-735-4325
F: 866-463-0819
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We are a boutique firm with services tailored to meet our client’s specific goals and objectives. From tax return and financial statement preparation, to investment banking and acquisition consulting, Pribramsky & Zuelch is dedicated to the pursuit of fulfilling your financial dreams. We can help initiate a new business venture, or structure the sale of an existing concern. Our comprehensive business consulting services can coordinate every aspect of your financial world.
Please feel free to contact us with any questions you may have related to the articles within this newsletter.
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