We continue to get quite a bit of questions about the tax compliance guidance we offer at TIR. As such we thought we would give you a flavor for how we approach helping our clients - in this case by providing you with a free webinar from last spring on regulatory and compliance changes that were made in 2010-2011.
As we have reported previously, more and more former unpaid interns are filing lawsuits against employers for being forced to work as a full time employee without being compensated for work performed; thus violating federal and state wage, hour, and tax laws regarding the proper classification of interns vs. workers.
In April leading regulatory officials testified before Congress regarding an increased focus on measures to close the estimated net $385 billion tax gap (the actual tax gap as of 2006 has been estimated at $450 billion - with enforcement measures recovering $65 billion).
Kentucky's Department of Revenue (DOR) is instituting a tax amnesty program running from July 1, 2012 to June 30, 2013. The program will cover tax liabilities incurred during the time period December 1, 2001 to October 1, 2011.
This may have gone under your radar during these hectic days of the filing season but please note that, once again, both the US House (via H.R. 4123) and the US Senate (via S.1245) are both seeking to make your compliance job that much tougher when it comes to worker classification issues.
JP Morgan Chase agreed to pay a $20 million fine to settle a case filed by the Commodity Futures Trading Commission; a case filed because of JP Morgan's role in the demise of Lehman Brothers - specifically via the overextension of credit for approximately the two years leading up to Lehman's bankruptcy in 2008.
Though we acknowledge that issues surrounding worker classification and those associated with unclaimed property are still among the most important facing you this compliance season - take note: a challenger has emerged.
The TIR Answer Center handles all kinds of 1099/1042-S related questions. Here are two questions added earlier today to our database (currently featuring from the past two years alone hundreds of questions with answers provided). However, we don't want you to just review them. Instead turn these relatively simple questions into a training tool of your own. Here's how:
If you are an online business with a physical presence in Pennsylvania then bewarned. Effective this upcoming September you had better be ready to be compliant with new rules on licensing and sales tax collection.
