Tag: Commissioner of the Revenue

  • Partnership Agreements – An Introduction

    Partnership Agreements – An Introduction

    There is a tremendous amount of information to convey to fully understand partnership agreements. This is the first in a series of articles related to partnership agreements. Throughout this series I will explain the various sections and issues a small business owner faces in creating a sound and fair agreement with a single or multiple partners.

  • What is an Audit?

    What is an Audit?

    An audit is defined as a methodical examination. Audits are grouped into two principal sets – financial and organizational compliance (usually related to licensure). For the small business entrepreneur, it is almost unheard of for them to have an organizational compliance audit.

  • The 1099 Subcontractor

    The 1099 Subcontractor

    The Internal Revenue Service promulgates rules and regulations concerning the employment status of workers. In general, workers are classed as W-2 employees and certain tests must be met to have the worker classed as a 1099 subcontractor. All 1099 subcontractors should be issued a Form 1099 in January of each year for the prior calendar year of…

  • Local Revenue Tax – The Business License

    Local Revenue Tax – The Business License

    A business license is the tool used by local governments to monitor all businesses in their community. It triggers at least two types of tax. At a minimum a revenue and personal property tax is charged through this registration process.