IRS Issues Tax Tip for Businesses On Nonemployee Compensation
Offshore Account UpdatePosted in on July 29, 2022
The Internal Revenue Service (IRS) recently issued a Tax Tip reminding businesses of their obligations with regard to nonemployee compensation. As the IRS explains, while businesses generally are not responsible for withholding and remitting employment taxes when paying independent contractors, “business taxpayers who pay nonemployee compensation of $600 or more must report these payments to the IRS.”
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