​​​​​​Tax Reform -- What's New for Your Business


IRS PUBLICATION 5318


Tax Cuts and Jobs Act, signed into law on December 22, 2017. This legislation, which affects both individuals and businesses, is commonly referred to as TCJA or the 2017 tax reform legislation. Click below to read all about it.



INDEPENDENT CONTRACTORS or EMPLOYEES?


Do you know if the people that work for you are independent contractors or employees?


After reading the information from the link above you can determine what forms below to use.


INDEPENDENT CONTRACTOR FORMS:


​~ Emergency Contact Information Form - Lets you know who to contact in case of an emergency.


Form W-9 - Request for Taxpayer Identification Number and Certification

    ~ Used to request a taxpayer identification number (TIN) for reporting on an information return the amount of $600                    and above paid throughout the year.  

     ~ Form W-9 should be given to an independent contractor before they start the job to ensure you have the required                     information to complete the Form 1099-Misc.


​​~ Form 1096, Annual Summary and Transmittal of U.S. Information Returns - used to transmit paper information returns like    Form 1099-Misc. 


~ Form 1099-Misc, Miscellaneous Income - filed for each qualified independent contractor that worked for you.
 

 ~ at least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest;
       at least $600 in:

       ~ rents;
       ~ services performed by someone who is not your employee;
       ~ prizes and awards;
       ~ other income payments;
       ~ medical and health care payments;
       ~ crop insurance proceeds;
       ~ cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of                                 catching fish;
       ~ generally, the cash paid from a notional principal contract to an individual, partnership, limited liability company                     or real estate;
       ~ payments to an attorney; or
       ~ any fishing boat proceeds,
       ~ direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail                     establishment.


EMPLOYEE FORMS:


​​~ Emergency Contact Information Form - Lets you know who to contact in case of an emergency.


Form I-9 Employment Eligibility Verification  - (form will open at bottom left of your computer screen) 

 

   ~ The U.S. Citizenship and Immigration Services (USCIS) is the government agency that oversees lawful immigration to                 the United States.

    ~ E-Verify® is an Internet-based system that allows businesses to determine the eligibility of their employees to work                 in the United States. This is the best way employers can ensure a legal workforce.

Form W-2 - Wage and Tax Statement - (Info Copy Only)


Form W-3 - Transmittal of Wage and Tax Statements - (Info Copy Only)


Form W-4 - Employee’s Withholding Allowance Certificate


~ SC New Hire Reporting - In accordance with Section 43-5-598 of the South Carolina Code of Laws and 42 USC Sec. 653a, all employers must report newly hired employees within twenty (20) days after the employee's first day of work on the website. 


    ~ Information from the above documents will be used to complete the SC New Hire Reporting process.








Information on this page is from www.irs.gov, www.scnewhire.com, www.cnrathletics.com, and www.uscis.gov websites.









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