The Internal Revenue Service has rolled out a new program, the Early Interaction Initiative, designed to help identify employers who begin to fall behind in making payroll tax deposits and assist them in meeting their payment and reporting responsibilities.
If you’re like most self-employed individuals you want tax relief. A simple tax planning idea for a sole proprietorship is to employ your children in the business.
The IRS has established a program that allows taxpayers to voluntarily reclassify independent contractors as employees and pay significantly reduced prior employment taxes (approximately 1% of one year’s worth of compensation), with no penalties or interest. The voluntary classification settlement…