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If you filed Form 4868 to request a six-month extension to file your tax return, beware that October 15, 2010 is the fast-approaching deadline to file your tax returns. The IRS expects to receive as many as ten million tax returns from such extension filers. The other important group of filers are small nonprofit organizations […]
One of the most crucial distinctions in employment and tax law is one made between employees and independent contractors. The applicability of a whole host of labor and tax provisions hinges on how the worker is classified. In Minnesota, most statutory provisions that deal with these issues (including Minnesota Unemployment Insurance) incorporate in one way […]
On September 7, 2010, the Internal Revenue Service released a draft version of the form 8941 that small businesses and tax-exempt organizations will use to calculate the small business health care tax credit when they file income tax returns next year. The small business health care tax credit was created as part of the Affordable […]
Determining the business relationship between your business and your workers can be one of the most important aspects of your business and tax planning. The consequences of worker mis-classification can carry a heavy penalty for your businesses, including liablity for employment taxes for misclassified workers. There are many various competing definitions of how a worker […]
The International Chamber of Commerce (“ICC”) has announced that Incoterms 2010 is scheduled to be launched in September and come into effect on January 1, 2011. Incoterms is the abbreviation for “International Commercial Terms” and were introduced by the ICC back in 1936 to provide people engaging in international trade a common set of trade […]