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Resources and useful links
Payroll
Form W4
Form I9 Employment Eligibility Verification
Form I9 Instructions
Direct Deposit Authorization PDF
Publication 15 - Circular E, Employer's Tax Guide
Publication 15B - Employer's Tax Guide to Fringe Benefits Publication 15 - Circular E, Employers Tax Guide
Work Opportunity Tax Credit
The Work Opportunity Tax Credit is a federal tax credit available to employers who invest in American job seekers who have consistently faced barriers to employment. Employers may meet their business needs and claim a tax credit if they hire an individual who is in a WOTC targeted group.
Other Small Business Resources
Form W9
Alaska Entity Search (Corporations, Business and Professional Licenses)
Retirement Plans for Small Entities and Self-Employed
Subcontractors
Be sure that you distinguish between a subcontractor and an employee. The state provides strict penalties for employers who claim to utilize subcontractors but treat them as though they are employees. Here are the key features of subcontractors that keep you out of trouble:
They are in charge of their own schedule
They may decline work
They have more than one client
When paying a subcontractor you will need:
Proof of a business license
A completed W9 form
Proof of Worker's Comp Insurance (Certificate of Insurance)
Need a copy of your tax return?
Please email admin@fenikscpa.com or call 907-474-1631 to request a copy. We will need to know:
Who the return is for. If it is for a third party, we will need a signed release form.
What format you would like (PDF, hardcopy, etc.).
When you need it.
Resources you may find helpful:
360 degrees of financial literacy, free resources provided by CPAs for helping Americans understand their personal finances and taxes:
https://www.360financialliteracy.org/Topics/Taxes
College Savings Plans Network (CSPN), dedicated to improving 529 Plans at state and federal levels, and providing an information clearinghouse:
http://www.collegesavings.org/index.aspx
A scholarship and financial aid search engine:
Scholarships.com, https://www.scholarships.com
“The Largest Scholarship Database on the Web”:
StudentScholarships.org, http://www.studentscholarships.org/
For IRS guidance on common tax including phishing and identity theft: https://www.irs.gov/newsroom/tax-scams-consumer-alerts
Many people believe AI is actually intelligent and applies it intelligence akin to human thought. This is inaccurate, and it's important to understand how the algorithm derives its answer. It's really just the same old computing process but at a highly accelerated level involving a whole lot more information. It's just massive, lightning-fast computing applied, so it can scour a whole lot more data in less time now than in the past. This makes it seem as though it's fundamentally different, since it can process a whole lot of complex information. Except that it isn't different: What you get back is determined by what you put in.
If you ask a general question of an AI bot, you will get a general answer. If you ask a specific, highly detailed question, you will get a general answer framed in those specific, highly detailed terms. You might find this useful, and then again you might find yourself getting into the weeds of jargon with no better perspective than before you waded in.
AI will basically try to tell you what you want to know, even if what it tells you is not quite right. It seeks to satisfy your query using the language and vocabulary it finds associated with the topic of your query. Truth and accuracy are not part of its algorithm. Massive information processing is what it's about, and it assumes you will be able to discern the truth and error in the presentation. It's basically just saving you the trouble of going to the library and researching hundreds of books, but it still falls on you to read the summary properly.
Generally, AI bots are most useful when you already understand the language in the context. So if you are using AI to do tax research, for example, but you are not a CPA or trained tax accountant, then you will not likely to be able to discern and digest the information properly. An AI bot is a tool, not a professional CPA. Treating ChapGPT as a tax consultant is a little like treating a "smart" multicooker as a professional chef.
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