Will Work for Fabric
01-09-2011, 08:50 AM
#33
Super Member
Join Date: Jun 2010
Location: Western Nevada
Posts: 2,520
Not to rain on your parade too much, but do make sure you remind your employer to fully report the value of the goods she is giving you in return for your work, both to the IRS and to you on the correct IRS forms. You will, in turn be required to report it as income, which could also affect any government benefits (such as social security) that you are receiving. Also, you and your employer will have to pay into all the other state and/or federal taxes required by employers, such as unemployment, workers comp, etc.
The IRS is now specifically targeting LQS's for hiring and paying workers in this fashion, and the penalties for non-reporting of barter income are severe. If your LQS is caught not reporting income to you, you will also be audited for non-reporting of income.
The IRS is now specifically targeting LQS's for hiring and paying workers in this fashion, and the penalties for non-reporting of barter income are severe. If your LQS is caught not reporting income to you, you will also be audited for non-reporting of income.
01-09-2011, 09:06 AM
#35
Super Member
Join Date: Oct 2007
Location: Ashdown, AR
Posts: 9,238
Originally Posted by Anne Marie
I was visiting a tiny quilt shop not far from home and the owner said she needs someone to work one day a week for...you guessed it FABRIC!!!! I can sew while I'm there, too. DH thinks it's a great idea but wonders why I need more fabric.
01-09-2011, 09:07 AM
#36
Super Member
Join Date: Oct 2010
Location: Waupaca Wisconsin
Posts: 1,302
Yes, this is exactly what happened to the LQS that I worked for that I mentioned in my earlier reply. It sounds nice, but someone will pay the price.
Originally Posted by QKO
Not to rain on your parade too much, but do make sure you remind your employer to fully report the value of the goods she is giving you in return for your work, both to the IRS and to you on the correct IRS forms. You will, in turn be required to report it as income, which could also affect any government benefits (such as social security) that you are receiving. Also, you and your employer will have to pay into all the other state and/or federal taxes required by employers, such as unemployment, workers comp, etc.
The IRS is now specifically targeting LQS's for hiring and paying workers in this fashion, and the penalties for non-reporting of barter income are severe. If your LQS is caught not reporting income to you, you will also be audited for non-reporting of income.
The IRS is now specifically targeting LQS's for hiring and paying workers in this fashion, and the penalties for non-reporting of barter income are severe. If your LQS is caught not reporting income to you, you will also be audited for non-reporting of income.
01-09-2011, 09:10 AM
#38
Junior Member
Thread Starter
Join Date: Aug 2010
Location: Was Kansas ,now Australia
Posts: 134
Originally Posted by QKO
Not to rain on your parade too much, but do make sure you remind your employer to fully report the value of the goods she is giving you in return for your work, both to the IRS and to you on the correct IRS forms. You will, in turn be required to report it as income, which could also affect any government benefits (such as social security) that you are receiving. Also, you and your employer will have to pay into all the other state and/or federal taxes required by employers, such as unemployment, workers comp, etc.
The IRS is now specifically targeting LQS's for hiring and paying workers in this fashion, and the penalties for non-reporting of barter income are severe. If your LQS is caught not reporting income to you, you will also be audited for non-reporting of income.
The IRS is now specifically targeting LQS's for hiring and paying workers in this fashion, and the penalties for non-reporting of barter income are severe. If your LQS is caught not reporting income to you, you will also be audited for non-reporting of income.
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