A 10-month long investigation culminated in 11 felony charges that included wage theft and tax fraud. Allegedly, the construction company failed to pay their taxes. They also apparently failed to pay workers' compensation insurance premiums.
The freedom of working for yourself comes with a downside - self-employment taxes. In addition, you need more reminders on your calendar for quarterly estimated payments.
You might assume the tax filing deadline means you can stop worrying about taxes for the year. However, a handful of business owners and individuals will face one more hurdle: a dreaded tax audit.
Over the last couple years, the IRS has sent out numerous warnings about phone tax scams. An impersonator claims to be an IRS agent calling to notify you of an error that resulted in a tax bill. Then, the caller demands immediate payment or threatens you with arrest.
Receiving a 1099 means your employer treated you as an independent contractor rather than an employee. Is this the first year you have received a 1099 instead of a W-2?