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NJ Poised to Crackdown on Employee Misclassification

Written by Fox Rothschild LLP New Jersey employers should expect to see a significant expansion of investigations into misclassification of employees as independent contractors. Such investigations have always presented risks and costs to employers, but recent portentous announcements by Gov. Phil Murphy’s administration indicate that the cost of misclassification could soon increase exponentially.  By way of background, employee misclassification occurs when an employer classifies workers...
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Assuming Profits Always Mean Cash Flow

The first post in our 8 mistakes accountants make series is all about how profits dont always mean cash flow.  First let us define three key terms: profits, revenue, and cash.  Profits: Profits is an accounting concept that depends on a lot of imposed timing constraints for sales, costs, and expenses. Revenue: Revenue is money coming into the business. For most accounting and financial analysis...
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What are 1099’s and Why Do I Need to Know?

The most dreaded 4 numbers in all of accounting would have to be 1-0-9-9. Most independent contractors and self-employed individuals are privy to these notorious IRS tax forms, however, small business owners may not be aware of their responsibilities for filing a 1099.   The tax Form 1099-MISC is used by the IRS to track revenue for all individuals, companies and organizations who are required...
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Tis the Season for Employee Gifts

Tis the season of giving! It is that time of year where you want to show your hard-working employees how much you appreciate them. However, what should you get them? The easiest and most common gift is money, but is it taxable? The answer is yes. What about the latest iPad? Still, yes.   Almost any gift you give your employee(s) is subject to income...
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