Find out about our complimentary webinar about the Employee Retention Credit, and how to claim it correctly, so you don't get in trouble with the Internal Revenue Service.
A crash course on the important things to consider, and common mistakes to avoid, when it comes to money flowing in and out of your business
We typically break down our working status into three categories: employee, booth renter, and independent contractor. It’s a wise business owner who understands how the IRS determines exactly which is which in their eyes.
It is a true, life-changing story that can easily happen to anyone who is not classifying salon personnel correctly in the eyes of the government. You probably think you know the rules about employment classifications, but you’re probably wrong.
Spin the Wheel: Playing the Classification Game — In the salon industry, workers most often operate in one of three ways: as employees, booth renters, or independent contractors. But for years many salons have incorrectly labeled their independent contractors and may have put themselves at risk of having the IRS reclassify their workers. Find out if you're doing things correctly or if you're just spinning the wheel and seeing where it lands.
If they were audited, a large percentage of the salon owners in the beauty industry today could not pass the tests determining their workers’ tax status imposed by the IRS or by their individual state, says our expert. As tax time approaches, know the facts. The financial fall-out from misclassifying your staff can be devastating.
NAILS knows that there is some confusion when it comes to filing your taxes, so if you’re not reporting all your tips, read this. The IRS wants its fair share of your taxes and it’s trying to make it easier for salon professionals to follow the rules. IRS analyst Don Segal answers common questions.
The IRS is making it easier for everyone in the beauty industry by simplifying its voluntary tip income compliance agreements.
Call your business what you like, but when it comes time to determine whether you’re an employee or a true booth renter or independent contractor (yes, there is a slight difference), it’s up to the IRS to decide.
The rumors of an IRS crackdown on salon tip reporting is causing salon owners and nail technicians once again to examine their gratuity policies.
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