Contractors Offer Expertise, Potential Risks
to independent contractors can be a smart option in a number
of situations, such as when you have a seasonal upswing in
workload or need a specialized skill for a short period.
But independent contractors come with potential risks, too.
They may not help you trim your total workforce costs if you
use them excessively. More important, there can be tax and
legal ramifications if you mishandle the relationship.
The IRS has long scrutinized employers' use of independent
contractors as a way to avoid payroll tax obligations. If the
IRS recharacterizes an independent contractor as an employee,
you could be on the hook for:
- Back payroll taxes you should have paid,
- Back payroll and income taxes you should have withheld, and
- Interest and penalties.
Also, earlier this year, the Department of Labor renewed its
focus on employee misclassification. Its Wage and Hour
Division released Administrator's Interpretation No. 2015-1,
which includes six factors to help employers determine proper
classification and warns of serious potential penalties.
Independent contractors can give you flexibility to even out
the peaks and valleys of your workforce needs. But these
arrangements have risks. We can help you understand the tax
implications and work with your legal advisors to keep you in
compliance. Contact us today at 925-634-2344.
SMEED CPA Adds Financial
Services To Help Clients With
Investments & Insurance
often we here at SMEED CPA are asked about financial issues
that impact our clients investments and their portfolios.
We always offered our opinion and suggestions but in order to
help our clients actually execute the changes we suggest,
SMEED has created a Financial Services division.
SMEED Financial Services, Inc. will be able to
work with both individual and business clients on their
investment portfolios and manage assets on their behalf.
SMEED Financial will include Michael Uadiale,
ACA, CPA, CGMA; and Pablo Blanco who has
recently joined SMEED and comes with over 18 years of
financial sales and advising experience with affluent
Watch your inbox and mail boxes for more specific information
on services SMEED Financial Services, Inc will make available
Would You Give Me Your
Feedback & Testimonial
on Our Hotline?
Hello it’s Michael Uadiale, CPA of
SMEED CPA Inc. We’ve just installed a toll-free
number that I would like for you to call and tell me how you
think we are doing as your CPA firm.
Just dial 800-609-9006
extension 3638 and follow the instructions. If we’ve
done a good job please let me know. And if we can
improve on anything, please mention that too.
Us Be Found on
Also as we expand our business,
we find more and more people are using
YELP and Google
to look for us by searching Brentwood accountant or
When they do this we want to
be FOUND on GOOGLE. One way you can help us
is to give us an
ONLINE REVIEW on our Google Maps/Places listing --->
or on our YELP local listing
click here to go to our Google Listing for SMEED CPA and
click on the
YELP link to go there.
Scroll down to the Review area.
On either site it may say: Been here?
Rate and review
You will click on the Rate and
review link and then log in, then
give us a review!
You can choose between 1 and 5
STARS and write in what you think about the tax or accounting
work we have done for you.
It's that simple. Thank
you in advance for your help and cooperation!
As always you can call our offices if you have any
questions about these or any other accounting related issues, at
Regards, Michael Uadiale, CPA,
Managing Partner, SMEED CPA,