Category Archives: USA

Tax Tips to Consider for Cash Intensive Small Businesses in the Sharing Economy Small business owners that offer goods and services through an online platform may be part of the sharing economy. Some participate part time while others operate full time. Activities such as ride sharing, freelancing, renting a spare bedroom and crowd funding are… Read More »

Controlled Foreign Corporations, Tax Year 2012—Two new tables presenting data from Form 5471, Controlled Foreign Corporations, and Form 8858, Information Return of U.S. Persons With Respect to Foreign Disregarded Entities, are now available on SOI’s Tax Stats Webpage. The tables present data from the estimated population of returns filed for Tax Year 2012. One table… Read More »

Employee or Independent Contractor? Know the Rules The IRS encourages all businesses and business owners to know the rules when it comes to classifying a worker as an employee or an independent contractor. An employer must withhold income taxes and pay Social Security, Medicare taxes and unemployment tax on wages paid to an employee. Employers… Read More »

For Small Business Week, IRS Highlights Products for Established and Emerging Businesses WASHINGTON — In recognition of National Small Business Week — April 30 to May 6 — the Internal Revenue Service is highlighting products to help small business owners and self-employed individuals understand and meet their tax obligations. Some of these tools focus on… Read More »