The classification of workers as employees or contractors is critical. If you classify a worker as an employee, you have to withhold, report, and pay employment taxes, social security taxes, and Medicare taxes. You also have to pay an unemployment tax on the wages. If a worker is a...
Employee benefits are an essential part of any business’s employee experience strategy. One of the most important reasons to know about benefits is to make sure you’re compliant with local and federal rules and regulations. This article will cover the four significant employee benefits that you should include as...
Key features distinguish S corporations from C corporations. Both have specific characteristics all business owners should realize. Here, we’ll discuss the main differences between them, and which is most likely to benefit your business. Ownership Differences Between S Corporations and C Corporations A significant difference concerns shareholders and general...
Founders are key to businesses. Without their vision, daring, risk-taking, and ability to identify the market opportunity there would be no business to begin with. However, like economic cycles, ideas for new products, and other things which help a business grow over time and provide a reliable income for...
In today’s economic climate, running a business is no easy feat. Finding qualified employees who can help you grow and who will contribute to your business is difficult enough in addition to making the necessary space on payroll for such an individual. Luckily, the federal government has incentivized hiring...
As Benjamin Franklin’s famously noted, nothing in life is guaranteed except for death and taxes. While this is largely true, there is an IRS classification that allows certain cemetery businesses exemption from taxes. 501(c)(13) status is available to nonprofit mutual cemetery companies and nonprofit incorporated cemetery companies. The Internal...
In early February, the Federal Trade Commission announced it will begin reviewing the Funeral Industry Practices Rule, commonly referred to as the Funeral Rule. As part of their review, they are requesting feedback from the public regarding what effect, either positive or negative, the rule has had on them—if...
The start of a new year also marks the start of a new tax season. Even when there aren’t any major tax overhauls at the federal or state level, there are inevitably some adjustments made that, while seemingly small, are important to note. This is once again the case...
Are you required to file a 1099 tax form? As a general rule, you should issue a Form 1099-MISC to each person or unincorporated business to whom you have paid at least $600 in rents, services (including parts and/or materials), prizes, awards, medical and health care payments, royalties (at...
Most everyone knows that daily living can impact the environment in countless ways. Now, more and more people are realizing that death care can, too. Accordingly, a study performed by the National Funeral Directors Association (NFDA) revealed that 54 percent of all Americans are now considering a green burial....
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