July 7, 2016
A growing trend among small to medium sized companies is the outsourcing of payroll, and in some cases, other functions such as benefits and human resources. It is estimated that in the range of 180,000 businesses employing over 3.4 million individuals outsource their payroll tax responsibilities. It is further estimated that approximately 6,000 new clients per year are utilizing…
May 11, 2016
The Employee Benefits Group of Jackson Kelly PLLC provides third party administrative services to numerous qualified plans. A large percentage of the plan sponsors are either partnerships or limited liability companies(LLC) electing to be taxed as partnerships. Oftentimes when we receive payroll data, we will see partners/members who are receiving both K-1’s as partners and W-2’s as…
February 11, 2016
The federal government continues to focus on what various agencies refer to as “misclassified” employees -- workers who should be treated as employees but whom the employer classifies as independent contractors. Many businesses prefer to utilize independent contractors rather than employees. With independent contractors, businesses are not subject to FICA/FUTA obligations, federal and state…
January 7, 2016
The increase in usage of limited liability companies (“LLCs”) as the business form of choice has led to changes in the IRS statutes concerning audits of LLCs. On November 2, 2015, President Obama signed the Bipartisan Budget Act of 2015 (“BBA”) into law. The BBA brings drastic changes to the audit process of partnerships which will allow the IRS greater enforcement and collection authority in…
July 7, 2016
A growing trend among small to medium sized companies is the outsourcing of payroll, and in some cases, other functions such as benefits and human resources. It is estimated that in the range of 180,000 businesses employing over 3.4 million individuals outsource their payroll tax responsibilities. It is further estimated that approximately 6,000 new clients per year are utilizing…
May 11, 2016
The Employee Benefits Group of Jackson Kelly PLLC provides third party administrative services to numerous qualified plans. A large percentage of the plan sponsors are either partnerships or limited liability companies(LLC) electing to be taxed as partnerships. Oftentimes when we receive payroll data, we will see partners/members who are receiving both K-1’s as partners and W-2’s as…
February 11, 2016
The federal government continues to focus on what various agencies refer to as “misclassified” employees -- workers who should be treated as employees but whom the employer classifies as independent contractors. Many businesses prefer to utilize independent contractors rather than employees. With independent contractors, businesses are not subject to FICA/FUTA obligations, federal and state…
January 7, 2016
The increase in usage of limited liability companies (“LLCs”) as the business form of choice has led to changes in the IRS statutes concerning audits of LLCs. On November 2, 2015, President Obama signed the Bipartisan Budget Act of 2015 (“BBA”) into law. The BBA brings drastic changes to the audit process of partnerships which will allow the IRS greater enforcement and collection authority in…
