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The misclassification of employees as independent contractors, presents a serious issue for affected employees, employers, and to the economy. Misclassified employees are often denied access to critical benefits and protections such as family and medical leave, overtime, minimum wage and unemployment insurance. Employee misclassification as independent contractors, also generates substantial losses to the Treasury and the Social Security and Medicare funds, as well as to … Continue reading »
Originally under the Small Business Jobs Act, those who received rental income from real estate were going to be considered, to be engaged in a business, and were going to be subject to the requirements to issue 1099 information returns. This act was going to make owners of rental properties report payments totaling $600 or more during the course of the year for any expenses relating to these properties. The provision required even the smallest property owners — those who … Continue reading »
The State of Connecticut Budget proposal includes a conveyance tax on buyers of real estate. The tax imposed would be 1% of the purchase price on homes purchased above $150,000. Here are 3 reasons this proposal should not be passed:
January 31, 2010 is the deadline to furnish Form 1099-MISC to recipients. The 1099-MISC form is used to report more than two dozen types of payments that must be claimed as income by the recipient.