taxation
Wage Restitution and Certified Payroll Revisions
Wage restitution and certified payroll revisions happen when you miss an update to the wage determination which increases the prevailing wage rate and the fringe benefit rate or perhaps you weren't informed until after working on the project for several weeks/months that this project was subject to prevailing wage.
Unfortunately, there isn't a lot of clear guidelines for submitting revised certified payroll reports, however, I've had experience in following two different sets of requirements, which I've outlined in this article.
Continue readingWorker’s Comp Increases 45% in California, Beginning 7/1/2012
Worker’s Comp and payroll taxes take a huge bite out of a contractors profit when working on Public Works construction projects – especially if the contractor is paying the full fringe benefit rate of the prevailing wage to the employee in cash and not to the Union Hall or into bona-fide plans.
Public Works Construction and Prevailing Wage projects require advanced financial planning methods and tools along with an understanding of the ever-changing compliance requirements — so that you can reduce your overhead and get paid on time.
Continue readingThink You Can’t Afford to Pay Your Payroll Taxes-Think Again
Is Your CPA REALLY the Right Person to be Completing Your Tax Return?
Is your CPA REALLY the right person to be completing your tax return? Did you know that there are different educational requirements for different types of tax preparers? For example, attorneys, certified public accountants, and enrolled agents will not have to undergo competency testing or obtain CPE credits for federal tax law topics under new IRS regulations?
Who does your taxes? Do they know tax law? This guest blog post by Bruce McFarland of L & R Tax Preparation will provide information about new rules and regulations that the IRS is mandating for paid tax preparers.
Continue reading