The core of our business is our clients.
We strive to exceed your stated goals by delivering comprehensive accounting solutions and innovative financial strategies. Our results accounting services are tailored to meet individual and business objectives based upon a combined platform of accounting, finance, and tax preparation, plus an array of development, advisory, and consulting services.
As Trusted Advisors, Hodges & Hart navigates the rapidly shifting landscape of marketplace opportunities. We build rewarding client relationships by offering advice, experience, and knowledge.
As trusted advisors, we work with a wide variety of clients-entrepreneurs to managers-from a wide variety of businesses, successful and challenged.
Transforming risk into opportunity
As a business, we experience many of the same issues our clients face every day; from assessing financial risk, evaluating costs, to retention of a quality team. In successfully meeting each short term issue, our firm prospers thereby driving growth and operating efficiencies into the future. From our vantage point, we’re able to make objective evaluations and considered suggestions that build a competitive business advantage.
No matter the size of your business or organization, we provide the experience and expertise to ensure a clear, fair and reliable presentation of your financial position.
Highly skilled in preparing a complete range of financial statements, you can rely on us to thoroughly review controls, systems and procedures.
We deliver innovated accounting strategies consistent with achieving our client’s stated goals and objective. We offer consultation in planning your next step, address current and evolving legal and regulatory concerns.
Whether a business, corporation or an individual, our dedicated team seeks to optimize tax savings, leverage tax structures and minimize risk.
Appropriately reducing or positioning the payment of federal, state, and local income taxes is a critical component of assembling and retaining capital from which wealth grows. Although income taxes may seem hopelessly complex, effective planning is a critical element in capitalizing on tax benefits.
Tax Administration Update
IRS Announces Voluntary Worker Classification Settlement Program
As reported in the June 2011 issue of Hodges & Hart’s newsletter, Strategic Insight, we reported the IRS and states are targeting companies that use independent workers rather than full employees. Since the story was reported, the IRS launched a new program enabling employers to resolve past worker classification issues and achieve certainty under the tax law at a low cost by voluntarily reclassifying their workers.
The Voluntary Classification Settlement Program (VCSP) allows eligible taxpayers to voluntarily reclassify their workers for federal employment tax purposes and obtain relief similar to that obtained in the current Classification Settlement Program (CSP). The VCSP is optional and provides taxpayers with an opportunity to voluntarily reclassify their workers as employees for future tax periods with limited federal employment tax liability for the past nonemployee treatment. To participate in the program, the taxpayer must meet certain eligibility requirements, apply to participate in VCSP, and enter into a closing agreement with the IRS.
Whether a worker is performing services as an employee or as an independent contractor depends upon the facts and circumstances and is generally determined under the common law test of whether the service recipient has the right to direct and control the worker as to how to perform the services.
You can read the full story with respect to the IRS and states cracking down on companies that try to trim payroll cost by classifying workers as independent contractors, rather than full employees at Hodges-Hartcpas.com website.
Employers accepted into the program will pay an amount effectively equaling just over one percent of the wages paid to the reclassified workers for the past year. No interest or penalties will be due, and the employers will not be audited on payroll taxes related to these workers for prior years. Participating employers will, for the first three years under the program, be subject to a special six year statute of limitations, rather than the usual three years that generally applies to payroll taxes.
Full details are available at the IRS.gov website or contact Hodges & Hart, LLC CPAs.
At Hodges & Hart, LLC we are available to assist in guiding businesses through the employee vs. independent contractor issue.
Authored by: Brian Tanz, AVA, CBA & Director, Hodges & Hart, LLC CPAs
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