The professionals at My CPA, PA, offer an array of virtual CPA and CFO services. We strongly focus on two main areas – business and IRS tax services. We are equipped with a Plantation CPA, an in-house tax attorney, a former IRS agent, and more than twelve years of experience. If you’re looking for a Plantation, FL, Small Business CPA, look no further. Our extensive knowledge allows us to effectively and thoroughly help our clients and maintain their loyalty for years ahead.

Plantation, FL, Small Business CPA

The main goal of a business owner is to make money and to grow continuously. As a Plantation business accountant, we can provide insightful business and accounting services such as:

•  Business consultation and incorporation
•  Monthly bookkeeping and payroll
•  Business tax preparation
•  Profit and loss statements

Plantation FL IRS Tax Resolution Services

With the invaluable expertise of our in-house Plantation tax attorney and former IRS agent, our remote firm possesses a unique and formidable advantage when representing individuals and businesses dealing with IRS issues. Our team’s capabilities extend far beyond conventional tax legal services, offering a comprehensive and specialized approach to addressing a wide range of tax-related challenges.

Spotlight On: Employees vs. Independent Contractors 

Businesses must decide whether to hire employees or independent contractors to help handle the workload. The difference between these classifications has significant legal and tax implications. Understanding their differences can help business owners determine what best suits their situation.

Employees are individuals who work under a company’s direct supervision and control in a formal employment agreement. An employer has certain responsibilities for its employees, including withholding and remitting taxes from their pay and following federal and state labor laws. Employers may be required to provide benefits such as health insurance, retirement plan participation, and paid time off. Employers must also pay at least minimum wage, provide overtime pay in certain situations, and protect against workplace discrimination. Employees are issued a W-2 by their employer at year-end.

On the other hand, independent contractors are self-employed individuals contracted to provide their services to another entity. They direct and control how their own work is done. The independent contractor is responsible for paying their taxes and providing their benefits. The contracting entity is not subject to employment laws. However, they have no legal right to control how the contractor’s services are performed. The contracting entity may need to issue a Form 1099 to the independent contractor at the end of the year.

Utilizing an independent contractor can provide a business with cost savings and flexibility over hiring an employee. Because of this, the IRS is vigilant about identifying when companies are misrepresenting employees as independent contractors. It is important to understand which classification your working relationship falls under based on the facts.

We provide virtual accounting services to clients from Brickell, Weston, Miami Lakes, and more.