This is the first article in a series dedicated to using Section 530 of the Revenue Act of 1978 as protection for businesses that have been using independent contractors, in good faith, but are now facing an IRS or State of Minnesota audit of that practice. Section 530 may be 34 years old, but it [...]
Yes. An in-business corporation can compromise its outstanding employment tax obligations with the IRS. In past years, the IRS required that an Offer in Compromise (OIC) from an in-business corporation include not only its ability to pay, but also, the amount the IRS could collect from the responsible parties through the Trust Fund Recovery Penalty [...]
This is the eleventh post in the Employment Tax Law series. This series is dedicated to presenting individuals, sole proprietorships, and small to large businesses with a basic understanding of employment taxes, including the risks and responsibilities associated with those taxes. When the MDEED receives an application from a former employee for unemployment benefits, the [...]
This is the tenth post in the Employment Tax Law series. This series is dedicated to presenting individuals, sole proprietorships, and small to large businesses with a basic understanding of employment taxes, including the risks and responsibilities associated with those taxes. All wages paid to the officer or shareholder of an S corporation are covered [...]
This is the ninth post in the Employment Tax Law series. This series is dedicated to presenting individuals, sole proprietorships, and small to large businesses with a basic understanding of employment taxes, including the risks and responsibilities associated with those taxes. Covered employment is when an employee performs services for an employer in return for [...]
This is the eighth post in the Employment Tax Law series. This series is dedicated to presenting individuals, sole proprietorships, and small to large businesses with a basic understanding of employment taxes, including the risks and responsibilities associated with those taxes. For the first 48 months of paying wages, the MDEED will assign the new [...]
This is the seventh post in the Employment Tax Law series. This series is dedicated to presenting individuals, sole proprietorships, and small to large businesses with a basic understanding of employment taxes, including the risks and responsibilities associated with those taxes. The Minnesota Unemployment Insurance Tax, often referred to as SUTA tax, provides funds for [...]
This is the sixth post in the Employment Tax Law series. This series is dedicated to presenting individuals, sole proprietorships, and small to large businesses with a basic understanding of employment taxes, including the risks and responsibilities associated with those taxes. An employer must pay FUTA tax if the employer paid wages of $1,500 or [...]
This is the fifth post in the Employment Tax Law series. This series is dedicated to presenting individuals, sole proprietorships, and small to large businesses with a basic understanding of employment taxes, including the risks and responsibilities associated with those taxes. The FUTA tax provides funds for paying unemployment compensation to workers who have lost [...]
This is the fourth post in the Employment Tax Law series. This series is dedicated to presenting individuals, sole proprietorships, and small to large businesses with a basic understanding of employment taxes, including the risks and responsibilities associated with those taxes. Deposit penalties occur when the taxpayer fails to make timely deposits, the timely deposits [...]