Ronika Khanna CPA,CA

NOVEMBER 17, 2023

What is the Gig Economy? Gig workers tend to be independent contractors who usually decide when they are going to work, often bring their own “tools” (such as a car or a computer) and are required to report their earnings to tax authorities. This is a significant increase from 2022 in which the analogous percentage was 13%.

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inDinero Accounting

JANUARY 9, 2023

Table of Contents What Makes Accounting Services for Startups Different? Why Is Accounting Important for Startups? However, a lack of accounting experience and knowledge can be a hindrance, especially for startups which need to be agile and primed for rapid growth. What Makes Accounting Services for Startups Different?

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inDinero Accounting

JANUARY 9, 2023

What Makes Accounting Services for Startups Different? Why Is Accounting Important for Startups? How to Select the Right Startup Accountant. Getting Started with Startup Accounting. Accountants’ specialized knowledge can support your startup business in many ways. Table of Contents. Holding back your growth.

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inDinero Tax Tips

NOVEMBER 4, 2021

Even if your books are perfectly accounted for, an IRS audit letter will fill anyone with a sense of dread. In this article, we will discuss what an audit is, why you might get audited, and how to prepare for an audit. In this article, we will discuss what an audit is, why you might get audited, and how to prepare for an audit.

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ThomsonReuters

MAY 6, 2022

Department of Labor regulations, record retention, federal payroll tax forms, payroll systems, and accounting. A full-time traveling or city salesperson who works on your behalf and turns in orders to you from wholesalers, retailers, contractors, or operators of hotels, restaurants, or other similar establishments.

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Mark Lee

APRIL 5, 2022

Every now and then I hear about general practice firms of accountants that want to boost their abilities to help clients with more complex tax maters. Merge with a more tax focused accountancy practice. Tax only practices are generally set up specifically to avoid the distractions of providing accounting and auditing type services.

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LyfeAccounting

JANUARY 25, 2021

And it could be extremely stressful if you don’t know what you’re doing. But no, we learned that this person was actually an independent contractor. So if they made $1600/month, that’s the exact amount that went into their bank account. What’s the EASIEST way to set-up a payroll system? So let’s dig in.

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ThomsonReuters

SEPTEMBER 8, 2023

Jump to: What are the main types of business ownership? What is a C corporation? What is an S corporation? What is an LLC? Many entrepreneurs wonder what types of business ownerships are possible and how to determine which one is right for their business. What are the main types of business ownership?

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Withum

SEPTEMBER 14, 2022

Independent contractors : Perhaps we should ask Uber how it feels about this issue. Thanks to the Inflation Reduction Act the IRS is hiring thousands of new field agents and examiners. As a result, the chances of getting audited became about the same as the odds of winning the Power Ball lottery.

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inDinero Tax Tips

JUNE 13, 2022

What is an S-Corp? What Are Some of the Benefits of a C-Corp vs. an S-Corp? Now that the definitions of C-Corp and S-Corp are established, what are the benefits of the C-Corp vs. an S-Corp? Now that the definitions of C-Corp and S-Corp are established, what are the benefits of the C-Corp vs. an S-Corp?

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inDinero Tax Tips

JUNE 13, 2022

What is an S-Corp? Check out these other blogs: Classifying Employees vs. Check out these other blogs: Classifying Employees vs. Independent Contractors. Cash vs. Accrual Accounting. Best Enterprise Accounting Software. What Are Some of the Benefits of a C-Corp vs. an S-Corp?

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Nancy McClelland, LLC

DECEMBER 29, 2022

There is no requirement to train independent contractors, though it is recommended. I’ll be providing a breakdown and analysis of the plan and the info-session in an upcoming blog post. With that in mind, here are some things you’ll need to make sure to take care of before ringing in the new year.

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ThomsonReuters

FEBRUARY 19, 2021

Whether your business has an IT person/department or not it is important to understand the cloud and what it means for your business – here are three considerations. Whether your business has an IT person/department or not it is important to understand the cloud and what it means for your business – here are three considerations.

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LyfeAccounting

JULY 12, 2021

So our goal for this post is to demystify the 70,000-page tax code for the self-employed into a simple post that will help you understand what self-employment tax is. According to the IRS, you are self-employed if: You carry on a trade or business as a sole proprietor or an independent contractor. What are Self-employment Taxes?

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LyfeAccounting

JANUARY 31, 2021

All you have to be is a business owner or independent contractor – meaning you receive 1099 income, or in other words, the income you receive is not taxed upon receipt. I’m not only going to tell you what this deduction is, but I am also going to go over a calculation in this post. What is the Home Office Deduction?

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LyfeAccounting

NOVEMBER 10, 2020

Consult with your accountant to determine what deductions apply to you specifically but I’ll be deep diving into the most common mouth-watering, money saving deductions, right. To be able to claim any home-based business tax deductions, you must: be a registered business owner or independent contractor and. about… now.

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Ronika Khanna CPA,CA

FEBRUARY 10, 2023

In the beginning these tax obligations can seem mystifying and somewhat overwhelming, but once you understand what needs to be done, the enigma surrounding the process dissipates and it tends to become routine. See also 2023 tax deadlines pertaining to the 2022 taxation year Digital Download Available at Amazon What is a t2125?

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LyfeAccounting

NOVEMBER 25, 2020

So we’re going to immediately assume that you know what the PPP or the Paycheck Protection Program is and you already have a loan. And that is exactly what I’m going to cover in this post. Also, as a disclaimer, I have to say that this is not financial advice and you should always consult with your specific accountant or lawyer.

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inDinero Tax Tips

MAY 30, 2022

Credit: Morgan Housel More entrepanuers and business owners, amid an inflated economy and tight labor market , are searching for things like what are virtual CFO services, why hire a virtual CFO, and a timeless favorite, why you need a virtual CFO, so clear and concise answers to those questions become even more important.

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inDinero Tax Tips

MAY 30, 2022

More entrepanuers and business owners, amid an inflated economy and tight labor market , are searching for things like what are virtual CFO services, why hire a virtual CFO, and a timeless favorite, why you need a virtual CFO, so clear and concise answers to those questions become even more important. Cash vs. Accrual Accounting. #3

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LyfeAccounting

JANUARY 14, 2021

I myself have to pay quarterly tax payments and here at LYFE Accounting, we help business owners pay theirs. Today, we’re going over the following: What are quarterly tax payments. What happens if you don’t pay your quarterly tax payments. What are Estimated Quarterly Tax Payments? But don’t worry. Ready to dive in?

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LyfeAccounting

MAY 8, 2021

At the end of the day, what we’re trying to accomplish is to make sure that we are using all the legal ways to reduce our taxable income that we report to the IRS. What is Passive Income From Real Estate? What is Active Income From Real Estate? Top tax write offs for rental property – let’s get into this.

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LyfeAccounting

NOVEMBER 17, 2020

With our first business, LYFE Marketing, I remember stressing to figure out what was the best way to pay my taxes. To start, I didn’t know what forms I needed to fill-out. It is not meant to take the place of legal and accounting advice specific to your business. What are Income Taxes? 12% on the next $30,000 income.

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Snyder

JUNE 20, 2022

However, delegating doesn’t mean staying out of the loop completely, especially when it comes to business finances, primarily accounting. Accounting is the language of numbers. What is small business accounting? Basic steps in accounting for small businesses. Open a business bank account. Contents: 1.

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ThomsonReuters

OCTOBER 21, 2022

Director of Product Management at Ceridian, about her company’s global survey collaboration with national and global payroll associations that aims to chart what’s ahead for payroll professionals. . Lisa Weckman, Sr. In June and July of 2022, APA and GPMI members and subscribers were surveyed online. Thomson Reuters Checkpoint?

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LyfeAccounting

FEBRUARY 4, 2021

Now, what has changed? What You Need For Your PPP Forgiveness Application. A quick side note here, if don’t know what a covered period is, it simply means 8 or 24 weeks from the day you received the loan. The PPP revisions allow these borrowers to complete a modified one-page forgiveness application form.

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ThomsonReuters

OCTOBER 21, 2022

Director of Product Management at Ceridian, about her company’s global survey collaboration with national and global payroll associations that aims to chart what’s ahead for payroll professionals. . Lisa Weckman, Sr. In June and July of 2022, APA and GPMI members and subscribers were surveyed online. Thomson Reuters Checkpoint?

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ThomsonReuters

JANUARY 17, 2023

Helping business owners navigate the complexities is an ideal opportunity for tax and accounting professionals to strengthen their role as a trusted advisor. Let ’ s begin by taking a closer look at the basics of what defines a nonresident alien. . Table of contents: What is a nonresident alien? What is a nonresident alien?

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ThomsonReuters

FEBRUARY 9, 2022

Back in 2019, New Jersey hit app-based driving company Uber up with a $640 million tax bill alleging misclassification of its workers as independent contractors. Generally, the IRS takes the approach under the common law rules that a worker is an employee if the business has the right to control what will be done and how it is done.

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ThomsonReuters

MARCH 8, 2021

Independent filmmaker and soul R&B singer, Gina Carey, believes that, “A strong woman looks a challenge dead in the eye and gives it a wink.”. Also, it puts into perspective what the changes Perkins implemented, with the FLSA for example, still mean to us as American workers today.

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ThomsonReuters

AUGUST 16, 2021

Back in June of 2021, President Biden ordered every federal government employee and onsite contractor to attest to their vaccination status. In this blog, I’ll list and describe the vaccine and mask mandates. The List and Legality of Employee Vaccination Requirements. This number was just under 35,000, as of July 13, 2021.

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PYMNTS

APRIL 8, 2019

Visa kicked off last week with the Tuesday (April 2) announcement on its blog that it has introduced Card Payouts , an app designed to help medium to large businesses speed up payments to gig economy workers, enabling them to better manage their total cash flow. and Europe derive some or all of their income from independent work.

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PYMNTS

OCTOBER 24, 2016

Ask anyone — and I do every week on The Matchmaker Is In — what matchmaker these matchmakers-in-waiting admire. So many say Uber that I had to start qualifying my question to ask: “Other than Uber, what matchmaker do you admire most and take inspiration from?”. There’s an epidemic running rampant in the world of matchmaker businesses.

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ThomsonReuters

NOVEMBER 20, 2020

Biden also supports strong laws and aggressive prosecution of employers who violate labor laws, including those who intentionally misclassify employees as independent contractors. Biden supports the use of a strong three-prong “ABC test” to distinguish employees from independent contractors. Wage Theft.

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ThomsonReuters

NOVEMBER 20, 2020

Biden also supports strong laws and aggressive prosecution of employers who violate labor laws, including those who intentionally misclassify employees as independent contractors. Biden supports the use of a strong three-prong “ABC test” to distinguish employees from independent contractors. Wage Theft.

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ThomsonReuters

FEBRUARY 7, 2024

Simplified rule and origins of the economic realities test “The Trump-era 2021 independent contractor rule acknowledged the fact that prior to that point in time, basically, there was no DOL rule or regulation,” Anne Sekel, managing partner at Foley & Lardner LLP’s New York law office, began.

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ThomsonReuters

JUNE 28, 2023

The conversation provided a deep dive into the complicated and seemingly ever-changing answer to one of the most basic and also challenging questions an employer faces - is the worker an employee or an independent contractor? Background on DOL’s rule. 

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