The determination of whether a worker is properly classified as an employee or an independent contractor is an important issue, as the Internal Revenue Service, Department of Labor, state agencies and the courts continue to step up enforcement.
Offering a retirement or health benefit plan to your employees can be an important part of your company’s recruiting and retention effort. These are not “set it and forget it” plans, however. Employers should be aware of their ongoing responsibilities as required by the Employee Retirement Income Security Act (ERISA).
The IRS released final Repair Regulations in September 2013 to provide guidance on which amounts paid for materials and supplies, for repairs and maintenance, and for purchases of assets can be expensed and which must be capitalized. The final Repair Regulations apply to tax years beginning on or after January 1, 2014.
The determination of whether a worker is properly classified as an employee or an independent contractor is an important issue, as the IRS, Department of Labor, and state agencies are stepping up enforcement. Below is the IRS’ 20-factor test employers can use to help classify workers appropriately.
Almost four years after President Obama signed the Patient Protection and Affordable Care Act, businesses continue to toil to understand their responsibilities under the Act and deal with the potential financial implications. As regulations are written and various provisions are delayed, confusion continues to exist.