Current Issues of Importance
Independent Contractor v. Employee—Tax Crackdown
The Internal Revenue Service is joining with more than two dozen states, including VIRGINIA, in an intensified effort to crack down on employment-tax violations. Among the key issues is whether a worker should be classified as an employee or an "independent contractor." Read more >>
Sales and Use Taxes
It is no secret that states have stepped up their efforts to increase revenues during these trying times. Freed & Shepherd, P.C. has been retained to help various clients with sales tax audits. In the last year, we have successfully defended Virginia’s attempts to tax the prescription of gynecological devices and the installation of custom built cabinets, both of which were defended successfully. Read more >>
IMPORTANT MESSAGE REGARDING REPEAL OF THE ESTATE TAX
To the surprise of most estate planning practitioners, the federal estate tax was repealed as of January 1, 2010. Congress was unable to compromise on legislation that would have either maintained the previous $3.5 million exclusion amount and 45% estate tax rate, or implement a new exclusion amount and/or tax rate. Read more >>