When 'Independent Contractors' Get Unemployment Benefits

What It Means For Employers

With Uber, Lyft, and many other companies that provide many different services and products, the norm these days seems to be independent contractors. The companies avoid the huge taxes, expenses, and liabilities of having employees. The workers get the freedom to work on their own, managing their own schedules. One of the great unanswered questions, of course, is how much control is too much for independent contractors, without making them employees. Many lawsuits brought by workers and by third parties are about this very question. 

Read More: https://www.forbes.com/sites/robertwood/2017/10/20/when-independent-contractors-get-unemployment-benefits-what-it-means-for-employers/#687f45084eff

Questions: http://rehcpas.com/

Social Security Administration announces small increase in 2018 wage base

The Social Security Administration (SSA) announced on Friday that the maximum amount of wages in 2018 subject to the 6.2% Social Security tax (old age, survivor, and disability insurance) will rise from $127,200 to $128,700, an increase of a little more than 1%. By comparison, the 2017 wage base increased more than 7% over the 2016 wage base.

Read More: https://www.journalofaccountancy.com/news/2017/oct/social-security-wage-base-2018-201717654.html

Questions: http://rehcpas.com/

Republicans Unveil Tax Reform Framework

Republican lawmakers released a framework for tax reform on Wednesday, announcing that their goals are to cut tax rates, simplify the Internal Revenue Code, and provide a more competitive environment for business. The framework generally reiterates proposals made by President Donald Trump in April.

Read More: https://www.journalofaccountancy.com/news/2017/sep/republican-tax-reform-framework-201717551.html

Questions: http://rehcpas.com/

When IRS Can Collect Taxes From You Owed By Someone Else

It seems bad enough that you have to pay your own taxes, let alone someone else's. But it can happen. The IRS sometimes comes after one taxpayer to collect the tax liability of someone else. How is this possible, you might wonder? The answer is "transferee liability," a concept embodied in Section 6901 of the tax code. Actually, the concept has deep roots in legal history. In fact, it is a creditor protection device going back hundreds of years. Essentially, the IRS can pursue a "transferee"—someone who received assets or money for less than full and fair value from the taxpayer. You might think of it as kind of a stolen property rule.

Read More: https://www.forbes.com/sites/robertwood/2017/09/25/when-irs-can-collect-taxes-from-you-owed-by-someone-else/#6db4dca97c07

Questions: http://rehcpas.com/

Renowned Biochemist Brings Wrong Formula To Tax Court

William Rutter is no dummy. A world-renowned scientist in the field of biotechnology, he earned a degree from Harvard and PhD from the University of Illinois before performing postdoctoral work at the Nobel Institute in Sweden. He has published over 400 scientific papers, holds over 25 patents, and has earned millions upon millions of dollars developing HIV and Hepatitis vaccines.

Read More: https://www.forbes.com/sites/anthonynitti/2017/09/09/renowned-biochemist-brings-wrong-formula-to-tax-court/#7d4efbd9a80e

Equifax Cybersecurity Incident

To learn more about the cybersecurity incident, including whether your personal information was potentially impacted, or to sign up for complimentary identity theft protection and credit file monitoring https://www.equifaxsecurity2017.com/

Equifax had a security brach on September 11, 2017

Listed below are a few items you can do now to help protect your information:

1) Adjusted our PIN Generation for Security Freezes
2) Call Center Support
3) Clarification Regarding Automatic Sign-Up to TrustedID Premier
4) Obvious Link from Equifax.com
5) Adjusted the TrustedID Premier and Clarified Equifax.com

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.

Read More: https://www.ncacpa.org/news/nc-general-assembly-enacts-changes-sb-628-various-changes-revenue-laws/

Questions: http://rehcpas.com/