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In what appears to be an intentional leak, Bloomberg reports details of an upcoming deal between the IRS and Switzerland that, if true, is sure to cause a lot of pain for thousands of US taxpayers who neglected to ‘come clean’ using the Offshore Voluntary Disclosure …
The Associated Press reports Riverside Pot Clinic in Oakland is being stuck with a 2.4 million dollar tax bill.
"Government auditors did not dispute, however, that Harborside had properly deducted its biggest expense — the millions of dollars it spent buying pot to sell to people who use it under California's medical marijuana law."
The advantages of classifying workers as contractors (1099) and not employees (W-2) are numerous. The two main reasons is that it is cheaper (no liabilities for payroll taxes nor any unemployment taxes) and flexibility (it is real easy to fire a contractor, no need to comply with"ObamaCare").
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