Uncle Sam Grinch can be green with greed often. The “statutory employee” is certainly one of those areas. What is a statutory employee? IRS defines them as independent contractors that may be treated as employees for employment tax purposes. Oh blessed charitable spirit of the IRS! The taxpayer may be treated as employees for the 15.3 payroll tax. It should read have to be treated…
There are four levels of knowledge: Know: I know how old I am. Know about: I know about how old you are. Know you don’t Know: I know I don’t know how to fix an electrical issue at my house. Don’t know you don’t know: I think I know something I really do not know. Where do you fit in? Sorry to say, when it…
If you operate as an S corporation, you have some different compliance hoops to jump through then if you were a sole proprietor or had created a partnership structure. One of those “hoops” is making sure you are paying a “reasonable” wage to yourself. The IRS says, “An S corporation shareholder who performs more than minor services for the corporation will be its employee for…
By Sunny McIntosh (newest Incite Tax employee) This tax season will be unlike any you’ve experience so far. Yeah for Obamacare! (We all agree the insurance system is broken and needs fixed. We feel there could have been better ways to improve it that make the burden more equitably split amongst all people wanting health insurance.) The 8 million taxpayers who bought insurance through Obamacare…
Before the holiday season of Thanksgiving and Christmas get too crazy, it would be good to take some time and see if you can minimize your tax burden for 2014. Once December 31 is passed, 2014 is locked in. As a disclaimer to the info below, there are a ton of popular tax rules that expired at the end of 2013 that congress may still…
Many times a letter from the IRS is considered an audit. A common letter we see from new clients is an IRS letter saying our new client forgot to include an HSA distribution as income on a previous year’s tax return. These letters can leave you with all sorts of warm and fuzzy feelings toward the IRS and the professional who prepared the return for…
Incite Tax & Accounting is a Certified Public Accountant (CPA) firm with offices in Draper, Utah. With over 10 years of experience handling business taxes for large and small Utah companies, Incite Tax is one of the most qualified business CPA firms in all of Utah. No matter your tax needs, Incite Tax is the firm for the job.
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