When a business hires an independent contractor, the employer is generally not responsible for withholding income taxes, Social Security, or Medicare taxes from their compensation. However, by law, business taxpayers who pay nonemployee compensation of $600 or more...
IRS
Understanding how the IRS contacts taxpayers; Avoiding scams and how to know it’s really the IRS reaching out
With continuing phone and in-person IRS scams taking place across the country, the IRS wants to help taxpayers understand how and why agency representatives may contact taxpayers. In most instances, the IRS sends a letter or written notice to a taxpayer in advance,...
Which employers are eligible for the work opportunity tax credit?
Employers, including certain tax-exempt employers, may be eligible for the work opportunity tax credit if they hire individuals who face employment barriers. Work Opportunity Tax Credit This is a one-time credit for each new hire. To claim the credit, employers must...