REH CPA: August 2017

Thursday, August 17, 2017

NC General Assembly Enacts NCACPA’s Proposed Changes to SB 628

The General Assembly reconvened on August 3 for a one-day session to consider veto overrides and adopt conference reports. During the session, the House and the Senate voted to adopt the conference report for SB 628, Various Changes to Revenue Laws, which makes numerous technical changes to the North Carolina tax code. NCACPA was highly involved in the drafting of this legislation and worked very closely with the bill sponsors during the regular session and the conferees throughout the recess to ensure the final language included provisions supported by our members. The bill now heads to the Governor’s desk for him to sign, veto, or allow to become law without his signature.

Questions: http://rehcpas.com/

Wednesday, August 9, 2017

Properly classifying workers remains a major problem

Worker misclassification is a perennial issue for the Internal Revenue Service and state taxing authorities due to the perception that many employers are not properly classifying their workers.

By avoiding labeling their workers as employees, employers also avoid paying minimum wages, overtime, payroll taxes, worker’s compensation, unemployment, Social Security contributions, health benefits, paid leave, 401(k) benefits and unpaid leave under the Federal Family and Medical Leave Act. And workers have some benefits to being considered independent contractors, such as the ability to deduct certain business expenses that are not available to employees, the ability to set up their own retirement plans, and the fact that they are not subject to withholding. Of course, many workers want to be considered employees so they can get the benefits due employees, such as vacation pay, overtime pay and health insurance.

Questions: http://rehcpas.com/