Small Business Taxes Made Easy: Employees and Independent Contractors (Currently Unavailable)

Author: Eva Rosenberg

Join the class to learn how to set up or improve your business during this COVID19 time in the world. This course is based on the tips and tools discussed in TaxMama’s latest book, Small Business Taxes Made Easy. The employee vs independent contractor issue is getting ever more challenging; especially with new court decisions, the Gig Economy, and self-employed people who prefer to hire freelancers rather than go through the hassles of payroll.

Publication Date: July 2020

Designed For
Tax practitioners at all levels regardless of tax practice and Business Owners.

Topics Covered

• Who exactly is considered an employee
• Checklists to use for W-2 hires and 1099 hires
• Protecting employers from independent contractor problems
• To whom must Form 1099-MISC be issued
• Fundamentals of payroll and payroll taxes
• Owners' payroll and compensation — for each type of entity
• Hiring family members - legally
• Employee benefits
• Employee ownership of the business
• Voluntary Classification Settlement Program (VCSP) — employer amnesty for getting it wrong
• Employee and independent contractor resources

Learning Objectives

• Identify the details about who is and isn't an employee
• Recognize why to put someone on payroll and how to fix the problem before they are audited
• Identify what happens if a worker files Form SS-8
• Recognize what items you should get when first hiring an employee
• Describe Section 530 Safe Harbor
• Identify benefits of IRS's VCSP
• Recognize which forms employees should fill out

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None