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Beneficial Owners Information (BOI)
The BOI E-Filing System supports the electronic filing of the Beneficial Ownership Information Report (BOIR) under the Corporate Transparency Act (CTA). The CTA requires certain types of U.S. and foreign entities to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. Click here for more information. 

Employee versus Independent Contractor

Before you can determine how to treat payments you make for services, you must first know the business relationship that exists between you and the person performing the services.

In determining whether the person providing services is an employee or an independent contractor, all information that provides evidence of the degree of control and independence must be considered.

Facts that provide evidence of the degree of control and independence fall into three categories:

  1. Behavioral: Does the payer control or have the right to control what the worker does and how the worker does his or her job?
  2. Financial: Are the business aspects of the worker’s job controlled by the payer? (These include things like how the worker is paid, whether expenses are reimbursed, who provides tools/supplies, etc.)
  3. Type of Relationship: Are there written contracts or employee-type benefits (i.e. pension plan, insurance, vacation pay, etc.)? Will the relationship continue and is the work performed a key aspect of the business?

There is no “magic” or set number of factors that “makes” the worker an employee or an independent contractor and no one factor stands alone in making this determination.

The keys are to look at the entire relationship and consider the extent of the right to direct and control the worker. Finally, document each of the factors used in coming up with the determination. 

If you want the IRS to determine if a specific individual is an independent contractor or an employee, file Form SS-8, Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding

2024 tax deadlines

Employee and Contractor Filing Deadline – January 31st

  • W2s and 1099s

Tax Filing Deadline – March 15th

  • Partnerships – IRS Tax Form 1065
  • Multi-Member LLCs – IRS Tax Form 1065
  • S-Corporations – IRS Tax Form 1120S

Tax Filing Deadline – April 14th

  • C-Corporations – IRS Tax Form 1120
  • Single-Member LLCs – IRS Form 1040, Schedule C

Estimated Tax Filing Deadlines

  • April 15th
  • June 15th
  • September 15th
  • January 15th, 2025

Businesses with Employees – Form 941

  • April 30th
  • July 31st
  • October 31st
  • January 31st, 2025

2023 Fall
Newsletter
  • How the IRS Calculates Interest
  • Brooks Tax Service Price Changes
  • Identity Protection PIN
  • Gig Economy 

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2022-Client-Newsletter-EOY

2022 End Of Year Newsletter 
  • Inflation Reduction Act (IRA) Tax Credits
  • Updated Electric Vehicle Credits
  • Student Loan Forgiveness
  • Improperly Forgiven PPP Loans

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2022 Inflation Reduction act
  • Inflation Reduction Act (IRA)
  • Extension of the Premium Tax Credit Expanded Eligibilty
  • Clean Energy Provisions
  • SALT Limitation Extension

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2022 Summer Newsletter
  • Paycheck Checkup
  • Child Tax Credit
  • Child and Dependent Care Credit
  • Earned Income Tax Credit

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