New Valuation and Fraud Service Offerings

I am proud and excited to inform you that I just passed the National Association of Certified Valuators and Analysts (NACVA) Exam and will soon be a Certified Valuation Analyst (CVA)! What does that mean for you? It means I and my company will be able to offer you certified business valuation services!

Need to know how much your business is worth? We’ve got you covered! Need to know how much a business you are considering buying is worth? We’ve got you covered! Need help with a divorce and dividing up and valuating assets and debts? We’ve got you covered! Worried about fraud, theft, or damages?

We can find them and help prevent them from occurring! I am always striving to provide better and more services to our clients, and all of us here at Dorsey and Company CPAs strive to do the same. We are excited to be able to offer you these new services!

Arkansas Law Changes

Hey everyone! Just sending out a blast to update you on some important changes going on in Arkansas!

First up is minimum wage. Minimum wage changed on January 1 of this year to $9.25 an hour. I want you all to be aware of this for budgeting purposes and tax purposes.

The second thing concerns Employees versus Independent Contractors. Arkansas’ definition of a contract employee is now much more strictly defined than it is for IRS purposes, and the state is using this to fine businesses in order to get more funds for a state government that is struggling. This drastically changes the payroll playing field. Before you send out 1099s you need to be sure that person is a contractor under the new laws. The state is really riding this, and I don’t want to see any of you get caught by this trap. The rules have changed! Please make sure you are up to date!

Here is a summary of the new classification. For more information go here.

Properly Classifying Workers for Arkansas UI Tax Purposes

Employee vs. Independent Contractor

ACA § 11-10-210(e) defines employment for unemployment insurance purposes as:

Service performed by an individual for wages shall be deemed to be employment subject to this chapter irrespective of whether the common-law relationship of master and servant exists, unless and until it is shown to the satisfaction of the Director that:

1.            Such an individual has been and will continue to be free from control and direction in connection with the performance of such service, both under his contract for the performance of service and in fact, and

2.            Such service is performed either outside the usual course of the business for which the service is performed or is performed outside of all the places of business of the enterprise for which the service is performed; and

3.            Such individual is customarily engaged in an independently established trade, occupation, profession, or business of the same nature as that involved in the service performed.

The law is written in the conjunctive so unless the business paying the individual for services can establish all three of the elements it must classify the worker as an employee for UI purposes.