Lynn Karam

2 weeks ago | contractormag.com | Lynn Karam

One major struggle that most contractors face is an ongoing challenge of deciding how to categorize the workers they hire. Should they be deemed employees or contractors? Unfortunately, the answer to this question usually comes down to which categorization costs less. The IRS has strict guidelines used to determine the category assignment. In this article we will explore the guidelines used by the IRS to make this determination and the obligations businesses have to their employees and contractors.

1 month ago | contractormag.com | Lynn Karam

The Internal Revenue Code outlines and identifies individuals and businesses who have a tax obligation to report income. A preeminent provider of news for tax and accounting professionals* published an article last year regarding the growing problem of tax compliance and the ways in which the IRS was developing strategies to crack down on non-filers. Whether they are individuals or businesses, these efforts are meant to fix the problem of non-filers by getting them to meet their tax obligations.

2 months ago | contractormag.com | Lynn Karam

Every year many taxpayers (individuals and businesses) including contractors prepare for the tax season by having financial statements prepared and filing tax returns to comply with federal, state, and local tax laws. Of equal importance, a business must be prepared to pay any tax liabilities incurred as a result of their filing. Perhaps ironically, a contractor who experiences a significant financial profit in a given year is likely to expect a tax liability.