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First quarter federal and state tax deadlines coming soon for household employers

by Breedlove March 27, 2013

April 15 is the tax deadline most Americans think of because it’s the final day to file personal income tax returns. However, for the majority of household employers, the month of April is also the when household employment tax returns (a.k.a. the “nanny taxes”) must be filed.

There are 2 deadlines approaching. The first is the federal 1040-ES deadline of April 15th.  Household employers who paid wages to an employee during the first quarter of 2013 (January, February and March), should file Form 1040-ES and remit all of the federal taxes withheld from the employee’s pay (Social Security, Medicare and any federal income taxes) along with the associated federal employer taxes (Social Security, Medicare and Federal Unemployment).

The second deadline is with your state. In most states, household employers are required to file employment tax returns for the first quarter of 2013 by the end of April. The state returns include remittance of the state taxes withheld from the employee’s pay along with all of the state employer taxes.

The employment tax process funds important benefits and protections for the employee, including Social Security income, health insurance coverage via Medicare and unemployment benefits.

For Breedlove clients, no worries. We handle all these quarterly deadlines for you as part of our no-work, no-worry promise. If you’re not a Breedlove client and would like to learn more about the upcoming tax requirements, feel free to call and speak with one of our household payroll & tax experts. We’re here to help!

IRS VCSP is a Great Reminder about Nanny Tax Compliance

by Breedlove March 13, 2013

You may have seen Stephanie Breedlove featured in a Wall Street Journal story recently about “nanny tax amnesty.” The technical term the IRS is using is Voluntary Classification Settlement Program (VCSP) and this is very relevant to the household employment industry. In our experience, there are 2 common mistakes families make when hiring a household employee:

1) Misclassifying an employee as an “independent contractor” by giving them a Form 1099. (Worker misclassification is considered tax evasion for the family, increases the employee’s tax rate and limits her benefits).
2) Failing to withhold taxes and report wages properly. (Also known as “paying under the table,” the IRS considers this tax evasion too. It carries similar risk for the family and denies all benefits to the employee).

The VCSP helps with the first mistake because it is designed to allow employers who have misclassified their employee to come clean with very minimal penalties compared to what the IRS usually levies. By filling out the appropriate forms and paying the subsequent penalty, the employer agrees to treat the “independent contractor” as an employee moving forward and is not subject to an IRS audit. To take advantage of this amnesty offer, you must file by June 30, 2013.

For families currently paying “under the table,” Breedlove & Associates is happy to provide a simple, cost-effective solution that serves as an “amnesty program.” Lobbying on behalf of clients, we have an excellent track record of getting penalties waived for first-time offenders. As with any tax matter, it is much cheaper and easier to rectify a mistake if you come forward prior to an audit – and these “nanny tax” mistakes are prime examples of that IRS philosophy.

Don't have your W-2 yet? We have a solution

by Breedlove February 8, 2013

Now that the IRS is processing personal income tax returns, many people are getting their tax documents in order and preparing for a (hopefully) big tax refund. But there are also many of you who may be stuck because you haven’t received your Form W-2 from your employer yet. So, what do you do?

The best thing to do is ask your employer. They’re supposed to send you your W-2 by January 31. The IRS says if they sent it by mail, it could take up to two weeks, so there’s a chance it could still be in transit.

However, if your employer says they never prepared one for you (or they provide you with a Form 1099 instead), you should remind them that you are considered a household employee and are required to have a Form W-2 from them so you can file your income tax return. If that doesn’t work, you will have to claim your wages and taxes by filing your income tax return without a W-2.

If you earned less than the FICA threshold of $1,800, report your wages on line 7 of Form 1040 along with the letters "HSH," which is the code for household employment. If you earned more than $1,800, you will have to file Form 4852 which serves as a substitute for the W-2. Finally, if you received a 1099, you need to file Form 8919 to figure and report your share of the uncollected FICA taxes due on your compensation.

Because of the potentially expensive tax problems this could create for you and your employer, we advise you to do everything you can to educate your employer on the tax process for household employers (a.k.a. the "nanny taxes")...most busy families simply are not aware of their responsibilities.  You might want to share our helpful literature and videos -- and also let them know that we're happy to provide a free personalized phone consultation if they'd like to call. We’re here to help!

Household employee or independent contractor? Why the difference matters

by Breedlove February 5, 2013

Over the years, the IRS and the state tax agencies have made it very clear that nannies, personal assistants, housekeepers and other domestic workers must be classified as employees of the family – not as independent contractors.

The distinction is not based on how many hours someone works, how much they’re paid, what type of work they perform or what they call themselves in a contract.  It is based on who’s deemed to be in control of the work relationship.

Independent contractors have control over how, when and by whom a job is performed.  On the other hand, employees follow the schedule and instructions established by the employer.

This seemingly subtle distinction matters because employer taxes are used to fund important worker benefits, such as unemployment. Additionally, misclassification costs the worker in terms of incremental tax burden; independent contractors are responsible for both the employee and employer portions of the FICA taxes, which add 7.65% to the worker’s tax responsibility.

Because of these financial implications, worker classification enforcement has become a focal point of state and federal tax agencies, who consider misclassification to be felony tax evasion. So it’s important that families understand the law and correctly report wages.  If someone tells you to “just 1099 her” beware; Form 1099 is the form that businesses use to report payments to an independent contractor. An employee’s wages should be reported using Form W-2.

To learn more about worker classification – or to correct a misclassification mistake – give us a call or visit our Expert Advice section.

Why Pay Legally?

by Breedlove October 30, 2012

Stumbled across a great article last night at www.tcpalm.com about paying household employees legally.  The article was authored by an unexpected source -- Fay Vincent, former Major League Baseball Commissioner. Thank you, Mr. Vincent.   

 

Fay Vincent: Unpaid Social Security taxes for household employees often a sad example of 'don't ask don't tell'

Fay Vincent, former corporate CEO and Major League Baseball commissioner, lives in Vero Beach.

 

Sunday, October 28, 2012

 

Shortly after I began my first job in the early 1960s as a young lawyer in a New York law firm, a senior partner summoned me and told me he needed a lawyer. With chagrin, he told me a woman housekeeper he employed for about 30 years had recently retired. He showed me a letter he had just received from authorities, asking him to document the Social Security taxes he had paid for her account.

 

Of course, he had never paid any such taxes, and when she applied for her benefit, federal officials learned of his failure. My assignment, he ruefully explained, was to determine how he should respond to the feds. I quickly did the appropriate research and returned to his office with the news that he owed many thousands in taxes and interest and had no legal basis for refusing to pay.

 

I never forgot his embarrassment. I also vowed never to make a similar mistake.

 

I am regularly surprised by the number of successful people who somehow have persuaded themselves Social Security taxes do not have to be paid for household help. My guess is the number of otherwise solid citizens who cheat on this form of taxation is enormously high. I dare you to ask your neighbors, relatives and even adult children how they regard such taxes and you will soon learn the extent of the problem.

 

The reciprocal of the problem is the number of people — usually women — who have worked for years for those like the senior partner in my old law firm only to discover when they seek to collect their old age pension that there is no earnings record of their employment, so they are out of luck.

 

Of course, some of these workers have also been cheating on their own taxes by failing to report the cash they have been paid under the table on which neither income nor Social Security tax have been withheld. The number of unfortunate older people who end up with little or no access to the Social Security system has got to be huge, but how can one be certain of the statistics when this underground economy remains submerged?

 

What bothers me is the obvious hypocrisy on the part of all the good-hearted citizens who would not think of stealing from their household employees. They do not regard themselves as doing anything seriously wrong. To them the household tax is a silly burden with no redeeming benefits.

 

These people do not stop to think that they are not just cheating the federal government, but their employees as well. The real victims are the very employees or "nannies" entrusted to raise the family children. The real victims are the women — and some men — on whom the family household depends for all the countless tasks central to modern life.

 

The employers are often the women who manage the household but who find the quarterly tax returns a great nuisance to be disregarded in the press of more important duties. And the risk of getting caught is slim.

 

There are other risks in not paying these taxes. Remember the two high-ranking women nominated by President Bill Clinton to serve as attorney general who had to withdraw their candidacies after having been found not to have paid taxes for nannies or undocumented household employees? One was even a sitting federal judge; the other was a senior business executive. They paid a price for their disregard of these taxes.

 

In some part, these Social Security taxes are grounded in turgidly expressed laws and regulations. Many household employers are ignorant of the law; others may have some idea of the tax requirements but rely on the total lack of enforcement mechanism. Some may believe they will pay when they are asked or directed to do so. But no one has explained to them the harm they are causing down the road to the employees they often claim to value highly.

 

Politicians are lyric in their praise for the benefits of our Social Security system, and properly so. One wonders, however, how many members of Congress would openly submit to confirming their adherence to these household taxes. Here is the new example of a situation best captioned — "don't look and don't tell."

 

Fay Vincent of Vero Beach is a former corporate CEO and commissioner of Major League Baseball.

Reducing Your "Nanny Taxes" and Your Nanny's Taxes

by Breedlove October 16, 2012

Tuesday Tax Tip for Household Employers

 

When hiring a domestic worker to work in your home (i.e. nanny, health aide, housekeeper, etc.), you can reduce the taxes for both you and your employee by taking advantage of the IRS-approved non-taxable forms of compensation.  When a household employer pays for any of the following expenses for their employee, the payments are not considered taxable wages so neither the employer nor the employee has to pay any taxes on that portion of the compensation:

  • Health Insurance
  • College Tuition & Books (up to $5,250 per year)
  • Parking (up to $240 per month)
  • Public Transportation (up to $125 per month)
  • Mobile Phone Service

 

 

If any of these expenses apply in your situation, call us and we can make sure you set up payroll correctly to minimize your "nanny tax" liability -- and the tax liability for your nanny.

 

 

 

Tuesday Tax Tip for Household Employers

by Breedlove August 28, 2012

Every year, we talk to a lot of household employers who are facing expensive tax and legal problems for failure to handle the "nanny taxes" correctly.  The vast majority of those problems are easy to avoid -- if you address payroll at the time of hire.  Unfortunately, many families wrongly assume they can just hand it over to their tax professional next April.

 

What's the problem with that approach?  While it is legally permissible to remit the federal household employment taxes with your income tax return next April, there are state filing requirements that cannot be put off until next April.  Most states require that employment tax returns be filed quarterly -- and some have monthly requirements.  Waiting until next April will trigger late filing penalties and interest charges from your state.  (In addition, you may incur underpayment penalties on the federal taxes if the amount owed takes you out of the IRS "safe harbor").

 

Finally, there are important labor law requirements that, if not handled correctly from the outset, can create liabilities for families.  That's why we take the time to guide families through things like Form I-9, workers' compensation insurance, disability insurance, overtime and other state-specific requirements.

 

Give us a call and let our New Employer Orientation team help you make a problem-free, stress-free hire.  When it comes to the tax and legal aspects of being a household employer, an ounce of prevention is definitely worth a pound of cure.

Year-End Tax Tips for Household Employers

by Breedlove December 16, 2011

As we wave good-bye to 2011, it's time to tidy up any loose ends on taxes.  If you hired someone to work in your home (i.e. nanny, nurse, housekeeper, chef, personal assistant, etc.) and paid them $1,700 or more, you have household employment tax obligations (a.k.a. "nanny taxes").  See Compliance Checklist for details.  Taking care of the reporting requirements has several benefits:

 

1) AUDIT & LAWSUIT PREVENTION.  Families who pay legally don't have to worry about audits, tax evasion charges or legal disputes levied by disgruntled former employees. Think of it as insurance against tax and legal problems.

 

2) TAX BREAKS. There is a common misperception that “nanny tax” compliance will be prohibitively expensive. The truth is most families with childcare expenses qualify for tax breaks that largely offset – sometimes even exceed – the employer tax costs. (See “Dependent Care Tax Breaks” for more details or visit our Employer Budget Calculator to get an estimate of your tax breaks).

 

3. PROFESSIONAL BENEFITS. When a family pays legally, the employee receives important short-term and long-term benefits, such as social security, medicare, unemployment, and an ability to obtain loans/credit. These benefits and protections have a dramatic impact on the perceived professionalism of the position and, therefore, the quality and duration of the employment relationship.

 

If you'd like to learn more about the Breedlove No-Work, No-Worry way to handle your obligations, watch this brief video or give us a call.  We're here to help.


Non-Taxable Forms of Compensation

by Breedlove June 29, 2011

When hiring a nanny (or any other type of household employee), keep in mind that there are several forms of compensation that are considered "non-taxable" -- meaning neither you nor your employee would owe any taxes on that portion of the compensation.  By strategically structuring your payroll, you and your nanny can save thousands of dollars.  Here are the IRS-approved forms of non-taxable compensation:

 

HEALTH INSURANCE

Up to the full amount of her premium 

 

COLLEGE TUITION & BOOKS

Up to $5,250 per year towards tuition and books at an accredited college or university

 

PUBLIC TRANSPORTATION

Up to $230 per month for mass transit to and from work

 

PARKING

Up to $230 per month for parking at the job site

 

Taking advantage of the non-taxable forms of compensation is a great way to optimize your nanny's take-home pay without increasing your employer costs.  If you have questions or need help, let us know.