The Obama administration is exploring a temporary tax cut for employers on their payroll tax obligations.

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January 31, 2011 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.  This category includes payments made by businesses as fees to attorneys, service providers, and freelancers.  Other types of payments covered by the 1099-MISC include reimbursement for auto expenses, awards and bonuses, commissions, prizes, and vacation allowances for nonemployees.  A payer of rents and royalties must also file this tax document. more…

Employers must make a determination whether someone who works for them is an employee or an independent contractor.

To assist them with this, the IRS has issued the “Twenty Factor Test”.  Here are the tests an employer applies in order to help make this determination: more…

The recent health care reform has allowed eligible businesses to claim a credit for premiums paid for health insurance. For 2010, the maximum credit is 35% of the employer's premium. more…

Aaron Johnson, CPA was recently featured in Q&A of the Hartford Business Journal.  Aaron spoke on health care reform tax credits, changes, and the penalty tax.  Read HBJ Article …