Posted in Offshore Account Update on August 31, 2022
While most business owners know that there are tax advantages to using independent contractors, many business owners are not aware of the federal tax rules governing nonemployee compensation. Paying independent contractors can still trigger annual reporting obligations, and businesses that use independent contractors are still required to make withholdings in some cases.
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Posted in News, Offshore Account Update on August 12, 2022
Whether you use crowdfunding to kickstart your business, you receive support through crowdfunding after a life-altering event, or you contribute to a crowdfunding campaign, it is important to understand what this means (and doesn’t mean) for your federal income taxes. Crowdfunding has different tax implications under different circumstances, and knowing how the Internal Revenue Code applies to your circumstances is critical for avoiding unwanted scrutiny from the Internal Revenue Service (IRS).
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