The straight line

Properly classifying a worker as an independent contractor can save a company payroll tax dollars, but an improper classification can subject the company to back payroll taxes, penalties and interest.

With the recent “relaxation” of the new tougher 1099 reporting requirements, there seems to be a misconception that 1099’s are no longer required. This misconception could prove costly to you and your organization.

We are happy to announce that with the growth of our Lincoln, Nebraska office, we’ve had to move into a larger location. Don’t worry, we didn’t move far, but if you’d like to get directions or drop by to see the new location, just give us a call! Please make a note that our new address is: Gardiner Thomsen CPAs 5901 S. 58th St. Suite F Lincoln, NE 68516 (402) 475-3482

Over the past few years or so, issues have arisen in our world of accounting for cooperatives that have brought the way we historically looked at property, plant and equipment, and the depreciation of those assets, under question.

Recent surveys indicate that individuals and businesses purchasing goods over the internet are not properly remitting sales or use tax, many times in violation of state law (the estimated non-compliance rate in California was greater than 98%).

Basically, 1099 reporting requirements will continue to be the same as they’ve always been. This change will significantly decrease the compliance burden small businesses were anticipating. However, this recent change does not do away with the requirement that payers obtain and retain a form W-9, Request for Taxpayer Identification Number and Certification, for all payees.