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December 2011

Business and Succession Planning

A succession plan sets out the details of a business owner’s departure from his or her business and often helps avoid family disputes.

−Business and Succession Planning

Business planning is an important topic to business owners. Most business owners are focused on getting things done so that their businesses can make money. While it is this full steam ahead mentality and drive for success that makes entrepreneurs successful, going forward without a plan can cause problems. On occasion, we all need to slow down, write down some goals and establish a plan. Doing so can make a …Read More

Independent Contractors/Employees Latest News from the Internal Revenue Service

Generally, the tests are applied based on a totality of the circumstances. No single factor is totally determining.

−Independent Contractors/Employees Latest News from the Internal Revenue Service

As a business owner, how do you classify the people who work for you? Are they independent contractors or employees? The classification is important and can be scrutinized by the Internal Revenue Service (IRS) and others. The distinction between an employee and an independent contractor is important for several reasons. The following are a few areas of importance: Impacts tax liability Impacts liability Impacts workers compensation issues Many times, as …Read More