While this is not related to employment at all, we still wanted to include this post as it is an interesting topic to consider. Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital, electronic or crypto currency.

Households that employ domestic help, such as nannies or senior caregivers, are required to file and remit federal and state employment taxes for their employee, but surprisingly, many do not. Failure to pay the so-called “Nanny Tax” results  in a tax gap that totals billions of dollars. In fact, unpaid nanny taxes are estimated to be $3.3 billion to $5.7 billion per year, according to a new study discussed at the June 2018 presentation at the IRS/Tax Policy Center Joint Research Conference on Tax Administration. It is estimated that only 5.3% of the estimated 3.6 million household employers complied with this requirement in 2015. ⁽¹⁾

IRS examiners use Audit Techniques Guides (ATGs) to prepare for audits — and so can small business owners. Many ATGs target specific industries, such as construction. Others address issues that frequently arise in audits, such as executive compensation and fringe benefits. These publications can provide valuable insights into issues that might surface if your business is audited.

Hiring a nanny is an important decision and there are likely many questions going through your mind. Setting hours and understanding how much to pay your nanny is an important part of the process, and there are various terms that are used that you may be confused about. Salary* and guaranteed hours are terms that are often used interchangeably, but in fact, they are completely different. If you’ve wondered what guaranteed hours are, we’ll break it down here for you.

At this time of year, a summer vacation is on many people’s minds. If you travel for business, combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing. But tread carefully, or you might not be eligible for the deduction you’re expecting.

Minimum wage and overtime laws are contained in a complex assortment of Federal, state and local laws and ordinances.

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. You may have had a hefty bill as well. Ideally your tax return should have you just about even with the government, no large refund and no big bill. It’s almost impossible to come out square but being only a couple hundred dollars off one way or another is pretty good. If you aren’t close you might want to consider adjusting your withholding. That process is a little more complicated for 2018.

Nanny shares are a great solution for working families that need childcare but need to keep childcare costs affordable. Nanny shares allow a nanny to care for children in more than one family and it can often be a great fit for parents that need reliable care for their kids while they’re at work.

Employees don’t always fill out their W-4 forms accurately. For example, some may wrongly write “exempt” on the withholding portion of the form to ensure that no federal or state tax is withheld. Others may be inadvertently under withholding because of recent tax law changes.

Although the employees themselves are liable for improperly completing their W-4s, you can do them a favor by reminding them of possible mistakes. After all, the IRS may eventually come calling on your organization if someone appears to be under withholding.

The Federal government enacted the Family and Medical Leave Act (FMLA) a quarter century ago to make it easier for workers to take job-protected leave to care for their newborns and other family members with serious health conditions. While this was landmark legislation in the employment law arena, critics have consistently pointed out that the law only applies to employers with 50 or more employees, and that the leave is unpaid.