DP Financial & Tax

Taken from the following article: http://www.cirruspayroll.com/why-s-corp-owners-need-payroll/ If you’re a business owner, it’s common to think you can pay yourself whatever you want, whenever you want (as long as the money’s there). It’s your business after all, right? Well, as with most questions that involve the IRS: it’s not that simple. If your business has elected S Corporation status with the IRS, and you perform services for your business, the IRS actually requires y

Are your workers considered by the IRS to be employees or independent contractors? How a worker is classified depends mainly on the degree of control an employer has over the worker. According to the IRS, “the general rule is that an individual is an independent contractor if the payer has the right to control or direct only the result of the work and not what will be done and how it will be done.” (Taken from the IRS website HERE) The main differences between indepen