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July 26, 2022

The Wrong Classification Can Be Costly?

Filed under: Workplace Policy — Admin @ 4:09 pm

By Sushil Kumar, CPA

The question of whether a worker is classified as an employee or an independent contractor is not as clear-cut as you might think. Getting it wrong can be extremely costly and may result in prolonged financial and legal ramifications.

A common misconception is that all parties involved can simply agree to call the worker an independent contractor. However, it is the facts of each particular situation that dictate the true classification as either employee or independent contractor. Although there is no one defining feature of the relationship, there is a range of aspects that the IRS takes into account to determine the true nature of the payer/payee arrangement.

A worker is more likely to be accepted by the IRS as an independent contractor if they:

?Operate under a business name

?Advertise their business and services to the public

[youtube]http://www.youtube.com/watch?v=dexb-sl795A[/youtube]

?Have more than one client/customer to whom they issue invoices for work performed

?Have their own employees

?Supply, pay for, and insure all of their own tools and equipment necessary to perform the work

?Are permitted to perform the work in the manner they see fit and during the hours they choose, provided the finished product meets the payer’s expectations

?Maintain business records and files

A worker is more likely to be deemed to be an employee by the IRS if they:

?Work for only one payer/employer

?Are trained by the employer as to the methods of performing their assigned duties

?Are required to perform their work in a prescribed manner (i.e., the employer prescribes the what, how, when, and where of the day to day activities of the worker)

?Are required to work during set hours on a regular basis

Some of the benefits of hiring an independent contractor rather than an employee include: saving in labor costs, flexibility in engaging and terminating workers, and lower risk exposure. Generally, with an independent contractor the payer simply pays the worker an amount for the services performed. For an employee, however, the employer is required to pay wages, withhold taxes and include the employee under the business’s workers’ compensation.

Although there are many benefits to hiring an independent contractor, the consequences of incorrectly treating an employee as one include: having to reimburse wages that should have been paid under minimum wage and overtime legislation; paying back taxes and penalties for federal and state income taxes, Social Security, Medicare, and unemployment; being liable for workers’ compensation benefits if the payee is injured; and having to provide employee benefits such as health insurance.

If, after considering your unique situation, you are not certain whether your worker should be classified as an employee or an independent contractor, you can request the IRS to make a determination by submitting a Form SS-8. Although this process can sometimes take up to six months to be finalized, if you regularly hire workers under such circumstances it would be well worth it to have a definitive ruling that you can rely upon. Additionally, you may decide to also seek advice from your tax advisor.

About the Author: Sushil Kumar, CPA specializes in providing accounting and tax services to small business owners and professional practices in Queens, NY. For more information, go here:

bestcpasolutions.com

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‘Electra’-fying competition faces ‘Fockers’

Filed under: Uncategorized — Admin @ 4:06 pm

Friday, January 14, 2005

U.S. and Canada — North American movie box offices were dominated by Universal pictures last weekend as two of its films, a comedy, Meet the Fockers, and a horror flick, White Noise, together raked in a combined $52.6 million, more than half the $98.3 all films made over the Jan. 7 weekend, according to film tracking firm Box Office Mojo.

But Universal’s dominance of the North American box office receipts is in danger as 20th Century Fox, Paramount, Warner Brothers and Sony all have films debuting in wide release Friday.

After a two-week drought of new releases with Noise the only debut, the Jan. 14 weekend is relatively crowded as three new films bow and one Oscar-buzz movie expands into wide release.

  • Elektra (PG-13) [1:37] Among the new entries is the Jennifer Garner star vehicle Elektra a semi-sequel to 2003’s comic-book based Daredevil where Garner reprise a role of anti-hero. Elektra bows in 3,204 theatres.
  • Coach Carter (PG-13) [2:14]: Paramount pictures releases the 134-minute metaphor heavy Coach Carter, a production of MTV Pictures, featuring Samuel L. Jackson in an inspirational inner-city high school sports movie. Coach Carter will debut in 2,524 U.S. and Canadian movie houses.
  • Racing Stripes (PG) [1:24]: Warner Bros. also enters the debut fray with its live-action talking animal family movie, Racing Stripes, featuring the voices from such a diverse cast as Snoop Dogg, Mandy Moore and Dustin Hoffman. Racing Stripes starts its run with 3,185 venues.
  • House of Flying Daggers (PG-13) [1:59]: Sony Pictures Classics is expanding its wire fu Chinese war epic, House of Flying Daggers. The film has made it to several critics best-of-the-year lists and is considered a front runner for Academy Award nominations in several technical categories.
Retrieved from “https://en.wikinews.org/w/index.php?title=%27Electra%27-fying_competition_faces_%27Fockers%27&oldid=433890”

UK shopping centre Afflecks Palace secures its future

Filed under: Uncategorized — Admin @ 3:54 pm

Tuesday, February 5, 2008

Afflecks Palace, the “iconic, alternative shopping centre” in the Northern Quarter of Manchester in England, United Kingdom, was saved from closure this week after long-running rumours that the market may have to “kick out its traders” due to a dispute between the management of the Afflecks Palace brand and the leaseowner for the building, Bruntwood.

Rumours suggesting that Bruntwood were looking to redevelop the building started early in 2007, when it became apparent that the property developer was not actively seeking to renew the twenty-five year lease that the management of Afflecks Palace had with them concerning the building. These initial fears were added to by news that Bruntwood was looking to redevelop other buildings it owned in the Northern Quarter area, specifically the parking complex opposite Afflecks, with an eye towards taking advantage of the “property boom” in Manchester at the time. There were also fears that if Afflecks did remain open, “rents would rise”.

These initial fears were eventually propagated closer to the end of the year when a letter from the management of Afflecks Palace told individual stall holders that “… management have received no formal response from Bruntwood to a tenancy request notice served in October [2007]”, going on to add that “We can only assume therefore that they do not intend to offer us a new lease”.

Following the release of this letter, public support for Afflecks Palace was quickly made obvious when a 5,000 signature petition was submitted demanding the centre remain open for business. This seemed to prompt talks between Bruntwood and the Afflecks Palace management and, eventually, lead to this week’s news that the market was – indeed – to remain open. The result of the talks was that Bruntwood “bought out” the Afflecks Palace brand.

Bruntwood will manage Afflecks while they look for a new owner who is skilled in running market style businesses

A joint statement between the management of Afflecks Palace and Bruntwood said: “After 26 years of trading, Afflecks’ management has sold their company to Bruntwood in an agreement that protects the future of Afflecks. Bruntwood will manage Afflecks while they look for a new owner who is skilled in running market style businesses and can bring a similar level of enthusiasm and dedication that the existing management has.”

A spokesperson speaking on behalf of Bruntwood also added that: “Never in our 30 year history have we bought one of our customer’s businesses, but Afflecks is a Manchester icon that we wanted to protect. We aren’t however expert in managing markets, so will look for a suitable long term owner. In the meantime, the most important aspect is that we have arrived at a solution with Afflecks management that protects an independent retail environment and provides the existing stallholders with security.”

Traders from the market celebrated the news by holding a party yesterday.

Retrieved from “https://en.wikinews.org/w/index.php?title=UK_shopping_centre_Afflecks_Palace_secures_its_future&oldid=589056”

July 25, 2022

US Senate finance committee to vote on health care bill

Filed under: Uncategorized — Admin @ 3:50 pm

Friday, October 9, 2009

US Senate Majority Leader Harry Reid has said that the Senate Finance Committee will vote on a sweeping health care reform bill next Tuesday. US President Barack Obama has made clear that extending health insurance coverage to as many Americans as possible is his top domestic priority.

Republican lawmakers, however, are still overwhelmingly opposed to the bill, saying it is too expensive and would expand the role of government in people’s health care.

Obama and his fellow Democrats in the Senate received some good news late Wednesday from the non-partisan Congressional Budget Office, which put the total cost of the Senate Finance Committee’s health care bill at $829 billion over the next decade, below Obama’s stated goal of $900 billion. The budget watchdog organization also said the health care bill would help reduce the federal budget deficit over the next ten years.

Harry Reid said he believed health care reform was moving forward. “And so today we stand closer than ever to fulfilling that fundamental promise, one for which we have fought for more than 60 years,” he said.

Senate Minority Leader Mitch McConnell, however said that the cost estimate was “irrelevant”, because the final bill that will actually emerge from both houses of Congress is likely to look very different and cost a lot more. “What matters is that the final bill will cost about a trillion dollars, vastly expand the role of government in people’s health care decisions, increase premiums and limit choice,” McConnell said.

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McConnell said Republicans favor a step by step approach to health care reform, focusing on prevention and wellness programs and dealing with the high costs of malpractice insurance doctors have to pay due to fears of excessive lawsuits.

Under the Finance Committee’s bill, US residents would be required to get health insurance or face a penalty, and insurance companies would face tough new regulations. For example, insurance companies could no longer reject coverage for people due to pre-existing conditions.

The Senate Finance Committee is likely to pass the bill, which will then have to be merged with one passed by the Senate health committee before it goes to the full Senate floor for debate.

Retrieved from “https://en.wikinews.org/w/index.php?title=US_Senate_finance_committee_to_vote_on_health_care_bill&oldid=3567455”

July 23, 2022

Misconceptions Existing About Rc Trucks

Filed under: Forklift Services — Admin @ 3:42 pm

Misconceptions Existing About Rc Trucks

by

JavedKhan

In as much as the rc trucks are getting so much praise for their quality, a few people have been a little reluctant in acquiring these trucks due to a number of reasons. Such claims may be a misconstrued fallacy as the people always have a mistaken feeling on a few things. The much claimed reasons for the failure to acquire the trucks by a few can easily be demystified. First, these types of trucks are considered relatively expensive compared to the other types of trucks. This is seen to be the major reason why a good number of individuals are not using these trucks and to some, the cost of maintainig them is the big pit they fear getting into.

This however should be shed light onto in a more clear as these types of truck come with a high quality matching their price.Secondly, they claim, it is difficult, if not impossible to repair the rc trucks. This is because they are made in a way that the vehice body parts are somewhat disjoint from the electronic parts in their manufacture. This mean that their spare parts are not found in one place and this implies that in case of any hitch, you have to get the replacements from different places making the whole process a tedious activity. Some of these spare parts are even not easily accessed thus it makes it hard to replace them.

[youtube]http://www.youtube.com/watch?v=pDY6bWT5oTM[/youtube]

This is a mistaken fact. The rc trucks are extremely easy to repair as the spare parts are very much available in all places of the world at affordable prices. Another reason why people do not acquire these rc trucks is that steering is usually a bit challenging. Most of them always have only three positions; full left, full right and straight and this makes their steering systems a bit not propotional. There is, typically, not also a propotional throttle.

This feature always has only two options, the full power and stopped options. This makes their alignment on many of the smaller cars off meaning they are susceptible to a lot of damage. Such a claim is not true because the trucks are well made to ensure that they can be negotiated in any possible positions and even steering them is one of the simplest. The other main reason why a few people do not acquire the rc trucks is because they rely on electric power for almost everything.

This simply means that in case of a power disruption as it is the case in most developing states, one who is a regular user of these trucks will greatly be affected and the situation simply gets worse when the person uses the truck for commercial purposes. This means that if you have to use these trucks, you have to ensure that you atleast maintain an extra source of power like say an extra battery to ensure that you are not inconvenienced. This should not be a worry as the trucks come with spare batteries which make your working very easy.

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Tennis player Rafael Nadal crowned “King of Clay”

Filed under: Uncategorized — Admin @ 3:14 pm

Monday, April 24, 2006

At the start of the tournament, 19-year-old Rafael Nadal of Spain was seeded as the second favourite to take the Monte Carlo Masters clay court title, ranked only behind the current world number one, 25-year-old Roger Federer of Switzerland. The finals match-up in question, the first where the number 1 and 2 seeds faced each other since 1985, was won in four sets; 6-2, 6-7, 6-3, 7-6, ending in just eleven minutes short of four hours.

As the lengthy matchtime suggests, the action on the court was a see-saw battle with both players looking as though they would go on to win at different points of the match. At times, it was difficult to see who was the more experienced. Nadal, the more successful of the two on a clay tennis surface, played to Roger Federer’s weakness. Roger Federer didn’t give up without a fight, but his best, which is capable of beating anybody on his day, seemed to remain in the locker room as Roger Federer’s aggression came a rare second to Nadal’s accurate baseline style.

Nadal wins the Monte Carlo Masters for a second consecutive time. Nadal can celebrate his unexpected but much welcomed victory in Monaco, if only for a little while ahead of the next tournament in the clay court series.

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July 21, 2022

Winning horse I’ll Have Another loses shot at US Triple Crown

Filed under: Uncategorized — Admin @ 4:08 pm

Saturday, June 9, 2012

I’ll Have Another, who won both the 2012 Kentucky Derby and Preakness Stakes, was removed from the field in this weekend’s Belmont Stakes — effectively ending the thoroughbred’s attempt to become the twelfth US Triple Crown winner in history.

At a Friday press conference, owner J. Paul Reddam announced that the thoroughbred was injured and he will not only be removed from the race Saturday but he will be retired from any further racing. The reason I’ll Have Another was scratched from the field was because of a swelling in his left front tendon, according to trainer Doug O’Neill.

I’ll Have Another was not the favorite in either the Kentucky Derby or the Preakness Stakes, but he was twice able to pass the leader Bodemeister, who was the pace setting horse in both those races, to take the victories. The last race was won in the final lengths. Bodemeister will also not race in the Belmont Stakes Saturday. Before the Kentucky Derby, I’ll Have Another won the Santa Anita Derby. All of these races were won with Mexican jockey Mario Gutierrez.

Dale Romans, who is Dullahan’s trainer, reacted to the news, “It’s devastating. I thought this was going to be one of the greatest races in history, and I wanted the opportunity to be part of it.” Dullahan raced in this year’s Kentucky Derby and took third place.

Only eleven horses have ever won the Triple Crown in the United States. In order to win the Triple Crown, a horse has to race and win the Kentucky Derby, the Preakness Stakes, and the Belmont Stakes. The first Triple Crown winner was Sir Barton in 1919 and the last was Affirmed in 1978. The dry spell will continue at least another year — the 34th year without a Triple Crown victory.

Retrieved from “https://en.wikinews.org/w/index.php?title=Winning_horse_I%27ll_Have_Another_loses_shot_at_US_Triple_Crown&oldid=1558816”

July 18, 2022

Review Financial Planners Find Top Rated Advisors Online

Filed under: Accounting Firm — Admin @ 4:02 pm

By Ryan Pauline

Financial planners are way better to opt for than your regular advisors. They can offer more services, allowing you to cover all bases that you may have not thought of on your own. This is why working with them is very essential for people who are looking to invest and grow their money through wise and surefire ways. However, finding them may not be the easiest thing to do. With more than 200,000 practitioners in the field right now, you could get overwhelmed by just doing a quick search on the web. This is why a wise technique to review financial planners should be your handiest tool for such demands.

Just like when looking for other products and services online, the first thing that you should look for is a review of a specific item that you’re in the market for. In this case, because you’re on the prowl for a good financial advisor, looking into various reviews would be necessary.

By using this method, you can find which ones are top rated. You can easily ask for a free consultation (which is common with these firms), and learn more about their offers and services. You don’t necessarily need to hire them, though. Keep in mind that the myth of all financial planners being the same is not true. Not because they’re well received does it mean that they’re ideal for you, and that they can answer all your needs. Keep in mind that people review financial planners to help others have an idea, and they don’t necessarily mean that if something worked for them, it would on you, too.

[youtube]http://www.youtube.com/watch?v=xCx0pMnNId8[/youtube]

Furthermore, this doesn’t mean that because they’ve received good feedbacks should you already trust them instantly. This only means that these top companies can be the first places to look into when looking for someone to help you with your finances. They can serve as a standard, and not just the only good option to check out.

Another great thing when others review financial planners is that you can see their personal point of views as well. Some of them could have the same goals as yours, so their opinions can play a large role in your search. Make sure to go thoroughly on what they can say about the company’s approach and methods. Most of these people will note if the services they’ve got valued their preferences. This is very important as you will need someone who will listen to your needs and actually act on it.

The best thing about using reviews on financial planning services is that it’s an easy way to research. These are actually honest accounts of what you can expect from a specific firm, so you can be sure that by heeding such advice, you can manage to avoid any horrible experiences with firms that will only waste your time and efforts. By learning which ones to check out first, you can easily save yourself a good amount of valuable resources.

In the end, the decision is still yours. Someone could review financial planners wonderfully, but if you don’t really feel like they’re right for you, you will still not go for it. So, make sure to give yourself ample choices by researching as much as you can. This way, you can definitely weed out and select the one that matches your needs.

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Death toll, vehicle count rise in California truck pileup

Filed under: Uncategorized — Admin @ 3:38 pm

Monday, October 15, 2007

So far, three people (including a baby) have been killed, and at least ten others were injured when two semi trucks collided in a tunnel on Interstate 5 (Newhall Pass) between Los Angeles and Santa Clarita California, United States in the late evening of October 12, setting off a chain reaction pileup that involved between 28 and 30 semi trucks and one passenger car. The wreck caused a massive fire that burned for over six hours. It was previously believed that only 13 semi trucks were involved.

“The fire burned in a very intense state for approximately four hours and basically consumed everything that was burnable,” said John Tripp the Fire Chief for L.A. county.

As a result of the crash, the Governor of California, Arnold Schwarzenegger issued a declaration of a state of emergency for Los Angeles County.

The debris has been removed and officials say that a full inspection will have to be done on the tunnel before it can be used again because the structure of the tunnel has been compromised. The tunnel passed inspection in June of 2006.

“The walls of the tunnel are fairly heavily damaged. None of the rebar appears to be melted, damaged at this point in time. But it’s completely separated from the walls in a number of areas, so we lose vertical support when that happens,” said California Department of Transportation official, Doug Failing.

Tripp added that more bodies could be buried in the wreckage, saying “…we’re going to have to do a very methodical search. There could be unfortunately more people that were not able to escape.” So far authorities have yet to identify the three people who were killed.

A full investigation is being conducted into what caused the crash.

Retrieved from “https://en.wikinews.org/w/index.php?title=Death_toll,_vehicle_count_rise_in_California_truck_pileup&oldid=4018722”

July 17, 2022

On bereavement and acceptance: Yale study of grief process

Filed under: Uncategorized — Admin @ 3:17 pm

Thursday, February 22, 2007

Denial. Anger. Bargaining. Depression. Acceptance.

Originally formulated in 1973 by Elisabeth Kübler-Ross, these five stages are well-known to many as the “Five Stages of Grief“. However, despite their familiarity, the five-stage theory had remained untested empirically, until Paul K. Maciejewski, Ph.D., assistant professor of psychiatry at the Yale University School of Medicine and the Yale Bereavement Study completed several years of research, findings for which were published in the February 21 issue of the Journal of the American Medical Association (JAMA).

According to Dr. Kübler-Ross’s theory, denial is the first and most defining indicator of grief. The Yale Bereavement Study’s findings, in contrast, show acceptance to be the most common indicator, and yearning the strongest negative indicator.

The authors explain, “Disbelief decreased from an initial high at one month postloss, yearning peaked at four months postloss, anger peaked at five months postloss, and depression peaked at six months postloss. Acceptance increased steadily through the study observation period ending at 24 months postloss.”

Study author Holly Prigerson, associate professor of psychiatry at Harvard Medical School and director of the Dana-Farber Cancer Institute‘s Center for Psycho-Oncology and Palliative Care Research, says, “This would suggest that people who have extreme levels of depression, anger or yearning beyond six months would be those who might benefit from a better mental health evaluation and possible referral for treatment.”

The Yale Bereavement Study followed the progress of 233 participants from January 2000 through January 2003 who had lost family, most often a spouse, and was funded by the National Institute of Mental Health, the National Cancer Institute, the National Institute of Neurological Disorders and Stroke, the Center for Psycho-Oncology and Palliative Care Research, Dana-Farber Cancer Institute, and Women’s Health Research at Yale University.

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