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Tuesday, May 28 2013

Well what is?  The IRS, low level employees, either were doing there job too well, didn't understand their job or something fishy is happening.  Or perhaps all of the non-profit applications for conversative groups just cannot complete the application correctly.  Either case, its made the news and the political spotlight!

 

We have also found out that the IRS has been auditing a few major universities and has found several non-compliance areas.  Perhaps the "major" of these universities should be compliance and pay attention to the rules and regulations?

 

The IRS found out universities are like small business owners who do not want to follow the contractor vs. employee classification.  By correctly classifying contractors as employees the IRS assessed over $7,000,000 in additional taxes!

 

A take away for small  businesses is that classifying contractors and employees is still a very hot topic; and if they go after non-profit mega institutions with high paid attorneys and win the position they will more than likely be victorious over a small business owner.

 

Please write a check to your college or university as they probably need the money after the IRS audit!

 

To learn more visit our May 2013 update on our news page.

 

Best wishes,

 

Mark W.

IRS Circular 230 disclosure:  To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

Posted by: Mark Wyssbrod, CPA AT 02:13 pm   |  Permalink   |  Email

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IRS Circular 230 disclosure:  To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used,
and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.


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