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31 ways to bring in extra income even with a full-time job

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by BankBazaar.sg

Whether it is to pay off your debt quicker, save more, or just have a better lifestyle, earning extra money is never a bad idea. Singapore has a wide variety of options to enable you to earn side income every month.

We list out 31 ways to earn extra money and you can pick whichever suits you the most. Start earning more!

1. Become an online translator

If learning new languages is your hobby, why not earn some cash out of it? Websites like Upwork and translators town offer freelance translation jobs that are time bound and pretty lucrative.

The payment per assignment can range from S$20 to S$1,500. Because of the nature of the job, you can take up assignments as and when you have spare time or on weekends. Taking Mandarin in school wasn’t a bad idea after all!

Online translation job posted on Upwork.

2. Become a private home tutor

Tutoring is a favourite part-time job for undergraduates in Singapore. After all, undergraduates are still familiar with what is being taught in schools, and it pays well. Undergraduates can expect to charge about S$25-S$40 an hour for secondary school students, and around S$50-S$70 an hour for JC students.

If you’re about to earn S$35/hour, and you give 8 hours of tuition every week, you can expect to make S$14,560 in an entire year! 

Needless to say, MOE teachers can earn more. Given their experience, many parents are inclined to trust the ability of full-time MOE teachers to give their children private tuition. Because of that, MOE teachers are able to charge hourly rates of S$50-S$70 for primary/lower secondary school students, and S$100-S$120 an hour for JC students.

Private home tutoring may sound like a relatively easy job, but you do have to stay up to date with the education system, and actually have the patience to teach someone. You should also try to select students whose homes are easy to get to, so that you can minimise your travelling time.

If you’re keen to find out more about tuition rates, websites like SmileTutor have average asking rates of private tutors that you can use as a gauge.

3. Sell things on Etsy for extra income

If you are creative and have spare time over the weekends, it is a great idea to sell items on Etsy. You can sell loads of stuff ranging from accessories, craft supplies, bags, collectibles, art or poetry on it. Selling on the platform isn’t expensive (they charge only 3.5% commission), is easy, and the opportunities are endless. So, open your Etsy shop right away!

Screenshot of an Etsy Seller’s Store.

4. Become a babysitter

If your maternal instincts are high and spending time with kids sounds like a great activity, this is the perfect option for you. You don’t need to get into any full-time or part-time commitment to babysit. If you have friends or family with kids in Singapore, let them know you are open to babysit their kids for short durations over the weekends. Every parent, once in a while, looks forward to having a quiet dinner or an afternoon watching a movie. That’s where you come in. Since these are your friends or relatives, you can work out a price that is reasonable for both parties.

If you prefer to find work through an agency, try out findanany.sg or NannySOS. Agencies generally charge S$25 per hour for such ad hoc babysitting sessions.

5. Become a pet sitter, dog walker, or offer your home for dog boarding

Photo credit: vanillapup.com.

Do you prefer pets to babies and kids? Then pet sitting, dog walking or pet boarding may be an idea. This is the dream job for those of us that melt every time a cute pup comes our way.

Become a pet sitter for people who are going on a vacation or travelling for work. While pet sitting, you could cuddle the furry animals, play with them, clean up, and talk them for a walk. Prices range from S$10-S$45 per hour.

There are also jobs where you only have to take the dog for a walk, earning you about S$15 per walk.

For home boarding, you would charge pet owners by the day, and usually that involves taking the dog out for a few walks each day, and the pet will stay with you for the night. Prices for boarding tends to start from S$30 per night.

To begin, you could go the informal way of taking care of the pets of your family or friends while they are away or register yourself at an companies like Pet BuddiesPetBacker or Pawshake.  This kind of a job works better for those with a work-from-home kind of setup.

6. Plan experiences for tourists in your free time

If you think you know Singapore in and out, here is your chance to use that knowledge and lay your hands on some extra dough. Show a unique side of Singapore to tourists and use platforms such as Airbnb to host it. You can design and submit an experience or multiple ones over a couple of days and if those over at Airbnb like it, they will publish it. Once published, it will be booked by people visiting Singapore from around the world. The price and group size will be decided by you.

Sounds exciting? It is. Along with earning money, you will also get a chance to meet diverse people and show them your favourite part of Singapore.

7. Become a holiday photographer

Yes, such a profession exists. With the increasing pressure to look perfect on social media along with making perfect memories, people want fabulous photos of their vacation. So, if people photography is your passion and you think you know the most photogenic spots in Singapore, become a holiday photographer! Register yourself on websites like Frame A Tripor SweetEscape and start earning some cash.

8. Participate in online surveys for easy money

This one is a teddy bear’s picnic. It does not require any commitment or major skills and is the ideal option to get some free coupons or cash. Whenever you are free, take up online surveys and in return, receive points which you can use to buy gift cards or vouchers. A few examples of these websites are AIP Online SurveysYour Voice, and Toluna. After all, who doesn’t love being paid to give an opinion!

9. Become a lettering specialist as a side hustle

We might have moved on away from our pens and pencils on the back of technology but nothing feels as good as the written word yet. A hand-written invite, a thank-you note, or even a restaurant menu has a special feel to it. If you have an interest in calligraphy or other lettering styles, why not use it to earn extra money? Polish your skills by taking up workshops and start an amazing part-time career you love. A good place to begin would be the modern calligraphy workshop for beginners listed on theworkroom.sg.

10. Earn extra income from being a part-time brand ambassador at events

Events and roadshows are excellent ways for tertiary students to make money.

Remember that girl handing over a free sample to you the other day at a roadshow? You could be her and make extra money at another event soon. High traffic areas like Orchard Road and Raffles Place, and malls all around Singapore, regularly host events and promotions. If you think you have the confidence to engage with strangers and can present yourself well, this job is right for you over the weekends.

You should be giving out free samples, telling people more about the promotion, asking people to like a brand’s Facebook page or even wearing a mascot costume! Hourly rates for such roles tend to range from S$12-S$50.

11. Sell homemade food

If you (or your mother or even grandmother) make amazing noodles, pies, or brownies and want the world to get a taste of it, make it happen! Set up an online shop or spread the word and start making money out of it.

And don’t worry, there are no licensing issues as long as you sell your food to individuals. Just make sure you maintain high cleanliness standards. You could also participate in global platforms such as meal sharing where you invite travellers for meals at your home. You could also share your yummy home cooked food with fellow Singaporeans on platforms such as Share Food.

12. Be a yoga instructor

If flexibility is your forte and yoga your interest, why not teach it to others? Health consciousness is no longer just a fad and you can leverage on this growing interest. Conduct weekend programmes so that this does not interfere with your regular job.

If interested, you could take up a certification course from institutes like The Yoga Mandalaor Vyasa Yoga. Check out these five trendy fitness workouts Singaporeans love and see if you want to get into teaching one of them.

13. Queue for food or run errands for others

In this fast-paced world, time is money. People are willing to pay those who can help save their time. That’s where you come in. Join a platform like WhyQ where you can become a runner to help people queue for food and deliver it to them. Lots of other apps like The Butler offer ‘concierge services’ to help people run errands. You simply have to sign up with them to earn some part-time income.

14. Refer a friend and earn spare cash or credits

Loads of companies in Singapore are willing to pay you in cash or kind if you refer relevant people to them. For example, inviting people to Airbnb can earn you and the people you invite travel credit to use for a new reservation. You and your friend will be awarded bonuses after a successful reference on ShopBack. All you need to do is know what your friends want and refer them to appropriate websites.

Referrals can earn you taxi discounts, coupons and extra cash (if you get your friend a job in your company), so keep an eye out for referrals schemes when you try out a new service or register on a new app.

15. Become a freelance writer

If you think you have the flair for the written word, you have a chance to make money from it. You can become a freelance writer for a website, magazine, news wire, or ad agency – the opportunities are aplenty.

These can be long or short-term commitments so decide what suits you depending on the timings of your full-time job. Make sure you do some market research and decide an ideal per word/per hour or per project rate based on your education and experience.

Don’t be too picky initially, build a versatile portfolio, and you will go a long way. Expect to earn S$30-S$50 cents/word when you start off and check out websites like freelancer.com.

16. Sell unwanted things for cash

Do you have a stash of things in your wardrobe, bomb shelter or study room that you have not used in the past 6-12 months? Consider selling them to someone else instead! In your free time, look around in your house and take stock of the items you don’t use, clothes you don’t wear, music instruments you don’t play, and baby stuff you don’t need. Sell them on websites like Carousell (also an app) or Gumtree. Decluttering can be good for your wellbeing too!

17. Become a mascot

Being a mascot earns you more money during events. If you have a unique skill, you can earn even more.

Singapore is bustling with weekend events that spend a lot on promotions. You might have noticed individuals donning a Pokemon or Santa costume at events for kids or girls dressed in traditional kimonos outside a newly opened Japanese restaurant. All you need to do is dress up and wave at crowds, take pictures, distribute flyers and be nice. You can expect to earn between S$15-S$30 an hour for such jobs and they usually happen over the weekends.

18. Serve at banquets

Some of us love to be around food. And if reminisce the days you worked in a restaurant or cafe during your schooling days, you could choose to pick up a part-time job at a banquet. The pay isn’t great; you’ll probably make around S$8-S$10 an hour. But you might be working in a lavish environment and if you’re lucky, also get a chance to see celebrities. Get these jobs on websites like Fastjobs.

19. Become a videographer to cash in on your video skills

If you cannot boast enough of your videography skills, take the chance to make money from it. Apart from shooting weddings and birthday parties for friends, you could also be a part of something unique like 90 seconds – a cloud video production platform. Anyone who needs a video can put up a request and you can take up the assignment if it suits you. Everything is managed online and is quite systematic and lucrative.

20. Become a freelance designer

If creativity is your strength and graphics your interest, you can become a freelance designer. New business requirements come up daily, which means new job opportunities for designers come up every day. Whether you choose to design a logo, build a website, design an infographic, you get to keep your creative juices flowing while making money. It is a job that allows you to work at home or remotely on a beach if you wish. Put your portfolio up on sites like Fiverr for a start.

21. Become a tech reviewer

If you love technology and know the internals of your phone better than your wardrobe’s, it is time you start cashing in on that knowledge. Becoming a consumer technology reviewer is a huge career opportunity, has flexible working hours, and pays well. You could try working for global brands such as CNET or local ones like Tech In Asia. Or if you’re feeling enterprising enough, start your own YouTube channel or blog.

22. Instruct an online course on Udemy or build your own online course

Udemy, an online learning marketplace, is the perfect place to share your knowledge and earn while you do so. If you have been in the marketing field for long or have immense knowledge of baking, you could design a course and teach people through Udemy. You can use this platform not only to impart knowledge but also to expand your own. If you already have your own website and idea for an online training programme, you can use teachable to create and sell online courses easily.

23. Become a music teacher

Did your parents make you play the piano when you were young? Did you pass all the exams but now you’re not sure what to do with your piano skills? Here is the perfect job for you. Start a weekend music class or teach students post your work hours during the week.

Music teachers can earn around S$200 for a class with about 5-6 students. Check out websites like Advent Music for teaching opportunities. Better yet, run your own ads on Facebook to attract students, and you won’t have to share your revenue with anyone.

24. Rent out a room

If you have a three-bedroom flat and you stay alone, it only makes sense to let it out to a long-term tenant. This way, you will not only earn money but also have company. Read up on the regulations around short-term renting though, it’s not legal to be renting out your HDB apartment on platforms like HomeAway and Airbnb in Singapore.

25. Become a driver or give people rides on the way to work

If you have a car, and want to turn it into a cash cow, try this. You could become a Grab driver and earn in those extra hours every day. You could also get a rental car from Grab. The process to become a driver  is lengthy but if you are committed, it will be worth it.

If you drive for 3 hours every night, Monday to Friday, Grab estimates that you’ll be able to make close to S$400 in a week.

Find out your revenue estimation using Grab’s revenue calculator.

For those looking for lower commitment, there is GrabHitch – a social carpooling service. It enables regular drivers to give fellow commuters a lift, meet new people, and lower the costs of owning a car.

26. Publish an ebook

Publishing a book may sound like a feat, and it is, but not in this case. You could write a 20-40 pager ebook and sell it on Amazon. If you keep the price of the book anywhere between US$2.99 and US$9.99, your book qualifies for a 70% royalty. That’s pretty awesome actually!

Try to select topics which are rare and interesting so that your book does not have too much competition. If your book gets rave reviews, it will prove to be a long-lasting passive income for you.

27. Shop for groceries

If you have pockets of time over the week or weekends, utilise it to earn extra money by joining a groceries delivery platform like honestbee. This gives you an opportunity to earn up to S$22.20 per hour. All you need to qualify is to be above 18 years and have a smartphone.

Shopper Bee: Get paid up to S$11 an hour for shopping at a supermarket near you. No car needed!

Delivery Bee: For people with time + a vehicle, earn up to S$22.20 an hour for delivering groceries. You get paid a fixed rate and bonus based on the number of deliveries you make.

This works perfectly for people who would like flexible work hours, love shopping in supermarkets, and live near one of the designated honestbee hubs.

28. Get an ad on your car

If you own a car and dread the costs for season parking, petrol, ERP, maintenance and so on, fret not. You can start using your car to generate a good passive income that will cover some of your costs. Register yourself on Movo or Spruik and get an option to choose an ad you want on your car. They will apply removable vinyl stickers, which will be part of an advertiser’s marketing campaign, and you will get paid. You can earn up to S$300 a month through this.

29. Shop when you travel abroad

If you are among the lucky ones who travel abroad frequently (could be for work or leisure), here is a chance to earn some extra dough. Register yourself on websites like Airfrov or Tompang, which connect shoppers to travellers.

So, if someone is craving macaroons from Paris and you are travelling there next week, you could pick it up for them and earn extra income from it. However, make sure you don’t bring items that are banned in Singapore and be mindful of our GST rules.

30. Join a focus group

Being paid for giving your feedback. Sounds like a dream, right? If you join a focus group, it could come true. The idea is to assemble a bunch of people to give feedback on and discuss a product before it is launched. Check out job sites like Trovit and stand a chance to earn around S$35 – S$50 for two hours.

31. Dropship your way to entrepreneurial success

What is dropshipping? It’s basically a way of selling products online without actually holding any inventory.

If you are a dropshipping, customers buy a product from your online store, and that product is sourced and shipped directly to the customer from a third party. You don’t have to worry about handling the product or buying stock in advance.

You earn money finding a great product on a wholesale marketplace like AliExpress, placing it on your store, and adding a markup to it. Of course, you’ll need some web designing and marketing skills to be able to set up your online store and marketing your products.

You can make anything from a few hundred dollars to hundreds of thousands a month. Companies such as Shopify and Oberlo make dropshipping possible and relatively fuss-free for thousands of customers around the world.

Nothing is now stopping you from making more money, right?

This article first appeared on BankBazaar.sg. BankBazaar.sg is a leading online marketplace in Singapore that helps consumers compare and apply for financial products such as credit cards and loans.

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Finance

CPF Special, MediSave, and Retirement accounts’ interest rate rises to 4.14% for Q4 2024

The Central Provident Fund (CPF) Board and Housing and Development Board (HDB) announced that the interest rate for CPF Special, MediSave, and Retirement accounts will increase to 4.14% in Q4 2024, up from 4.08%. The 4% floor rate will be extended for another year, providing members with stability amid a volatile interest environment, the announcement stated.

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SINGAPORE: In a joint announcement on Friday (20 September), the Central Provident Fund (CPF) Board and the Housing and Development Board (HDB) revealed that the interest rate for CPF Special, MediSave, and Retirement accounts will rise to 4.14% for the fourth quarter of 2024, up from 4.08% in the previous quarter.

This increase, effective from October to December, comes as the pegged rate exceeds the established floor rate of 4%.

The government has also extended the 4% interest rate floor for these accounts for another year, valid from January 1 to December 31, 2025.

“This extension of the floor rate will continue to provide CPF members with certainty on the returns of their CPF savings amidst the volatile interest rate environment,” the announcement stated.

The interest rate for these accounts is tied to the average yield of 10-year Singapore Government Securities plus an additional 1%.

Meanwhile, the Ordinary Account (OA) interest rate will remain unchanged at 2.5% for the upcoming quarter, as its pegged rate is below the floor rate.

Additionally, the concessionary interest rate for HDB housing loans, set at 0.1% above the OA interest rate, will stay at 2.6%.

To further bolster retirement savings, CPF members will continue to earn extra interest.

Members below 55 years will receive an additional 1% on the first S$60,000 (approximately US$46,500) of their combined balances, capped at S$20,000 for the OA.

For those aged 55 and above, the extra interest comprises 2% on the first S$30,000, capped at S$20,000 for the OA, and 1% on the subsequent S$30,000.

Extra interest accrued on OA balances will be allocated to a member’s Special Account or Retirement Account.

For members above 55 who join CPF LIFE, the additional interest applies to their combined CPF balances, including savings utilized for CPF LIFE.

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Finance

US taxation authority to pursue wealthy tax evaders with advanced AI tools

The Internal Revenue Service (IRS) of United States has announced a comprehensive initiative aimed at aggressively pursuing individuals and entities that owe substantial amounts in overdue taxes.

Under the initiative, 1,600 millionaires and 75 large business partnerships are the primary focus of the IRS’s intensified “compliance efforts.”

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WASHINGTON, UNITED STATES: The Internal Revenue Service (IRS) announced last Friday (8 Sept), that it is embarking on an ambitious mission to aggressively target 1,600 millionaires and 75 large business partnerships that collectively owe hundreds of millions of dollars in overdue taxes.

IRS Commissioner Daniel Werfel revealed that with increased federal funding and the aid of cutting-edge artificial intelligence tools, the agency is poised to take robust action against affluent individuals who have been accused of evading their tax obligations.

During a call with reporters to provide a preview of the announcement, Commissioner Werfel expressed his frustration at the contrast between individuals who dutifully pay their taxes on time and those wealthy filers who, in his words, have “cut corners” when it comes to fulfilling their tax responsibilities.

“If you pay your taxes on time it should be particularly frustrating when you see that wealthy filers are not,” he said.

The IRS’s latest initiative targets 1,600 millionaires, each of whom owes a minimum of US$250,000 in back taxes, along with 75 large business partnerships boasting average assets of approximately US$10 billion.

These entities are now under the spotlight of the IRS’s renewed “compliance efforts.”

Werfel emphasised that a substantial hiring campaign and the implementation of artificial intelligence research tools, developed both by IRS personnel and contractors, will play pivotal roles in identifying and pursuing wealthy tax evaders.

This proactive approach by the IRS aims to highlight positive outcomes resulting from the increased funding it has received under President Joe Biden’s Democratic administration.

Notably, this move comes amid efforts by Republican members of Congress to reassess and potentially reduce the agency’s funding allocation.

IRS has introduced an extensive programme aimed at revitalisng fairness within the tax system

The IRS announced the groundbreaking move aimed at enhancing tax compliance and fairness, with a particular focus on high-income earners, partnerships, large corporations, and promoters who may be abusing the nation’s tax laws.

This initiative follows the allocation of funding under the Inflation Reduction Act (IRA) and a comprehensive review of enforcement strategies.

The new effort, which builds on the groundwork laid following last August’s IRA funding, will place increased attention on individuals with higher incomes and partnerships, both of which have experienced significant drops in audit rates over the past decade.

These changes will be facilitated through the implementation of advanced technology and Artificial Intelligence (AI) tools, empowering IRS compliance teams to more effectively detect tax evasion, identify emerging compliance challenges, and improve the selection of audit cases to prevent unnecessary “no-change” audits that burden taxpayers.

As part of the effort, the IRS will also ensure audit rates do not increase for those earning less than $400,000 a year.

Additionally, the agency will introduce new safeguards to protect those claiming the Earned Income Tax Credit (EITC).

The EITC is intended to assist workers with modest incomes, and despite recent years seeing high audit rates for EITC recipients, audit rates for individuals with higher incomes, partnerships, and those with complex tax situations have plummeted.

The IRS will also take measures to prevent unscrupulous tax preparers from exploiting individuals claiming these vital tax credits.

This move underscores the IRS’s commitment to fostering a fair and equitable tax system, ensuring that all taxpayers, regardless of income or complexity, are held to the same standards of compliance and accountability.

The initiative reflects a comprehensive approach to addressing disparities in tax enforcement and strengthening the integrity of the tax system for the benefit of all Americans.

“This new compliance push makes good on the promise of the Inflation Reduction Act to ensure the IRS holds our wealthiest filers accountable to pay the full amount of what they owe.

“The years of underfunding that predated the Inflation Reduction Act led to the lowest audit rate of wealthy filers in our history. I am committed to reversing this trend, making sure that new funding will mean more effective compliance efforts on the wealthy, while middle- and low-income filers will continue to see no change in historically low pre-IRA audit rates for years to come,”

“The nation relies on the IRS to collect funding for every critical government mission, from keeping our skies safe, our food safe and our homeland safe. It’s critical that the agency addresses fundamental gaps in tax compliance that have grown during the last decade,” Werfel said.

Major expansion in high-income/high wealth and partnership compliance work

Prioritisation of high-income cases: Under the High Wealth, High Balance Due Taxpayer Field Initiative, the IRS is intensifying efforts to address taxpayers with total positive income exceeding US$1 million and recognised tax debts of more than US$250,000.

Building on prior successes, which resulted in the collection of US$38 million from over 175 high-income earners, the IRS is allocating additional resources to focus on these high-end collection cases in Fiscal Year 2024.

The agency is proactively reaching out to approximately 1,600 taxpayers in this category who collectively owe substantial sums in taxes.

Expansion of pilot focused on largest partnerships leveraging Artificial Intelligence (AI): Recognising the complexity of tax issues in large partnerships, the IRS is expanding its Large Partnership Compliance (LPC) programme.

Leveraging cutting-edge Artificial Intelligence (AI) technology, the IRS is collaborating with experts in data science and tax enforcement to identify potential compliance risks in partnership tax, general income tax, accounting, and international tax.

By the end of the month, the IRS will initiate examinations of 75 of the largest partnerships in the United States, encompassing diverse industries such as hedge funds, real estate investment partnerships, publicly traded partnerships, large law firms, and more. These partnerships each possess assets exceeding US$10 billion on average.

Greater focus on partnership issues through compliance letters: The IRS has identified ongoing discrepancies in balance sheets within partnerships with assets exceeding US$10 million, indicating potential non-compliance.

Many taxpayers filing partnership returns are reporting discrepancies in the millions of dollars between year-end and year-beginning balances, often without attaching required explanations.

This effort aims to address balance sheet discrepancies swiftly, with an initial mailing of around 500 partnership notices set to begin in early October.

Depending on the response, the IRS will incorporate these cases into the audit process for further examination.

Priority areas for targeted compliance work in FY 2024

The IRS has launched numerous compliance efforts to address serious issues being seen. Some of these, like abusive micro-captive insurance arrangements and syndicated conservation easement abuses, have received extensive public attention. But much more work continues behind the scenes on other issues.

Among some of the additional priority areas the IRS will be focused on that will touch the wealthy evaders include:

Expanded work on digital assets: The IRS is continuing its expansion of efforts related to digital assets, encompassing initiatives such as the John Doe summons and the recent release of proposed broker reporting regulations.

The IRS’s Virtual Currency Compliance Campaign, which aims to ensure compliance with tax obligations related to digital currencies, will persist in the coming months.

An initial review has indicated a potential non-compliance rate of 75% among taxpayers identified through record production from digital currency exchanges.

The IRS anticipates the development of additional digital asset cases for further compliance efforts in early Fiscal Year 2024.

More scrutiny on FBAR violations: High-income taxpayers across various segments have been utilising foreign bank accounts to avoid disclosure and related tax obligations.

US individuals with a financial interest in foreign financial accounts exceeding US$10,000 at any point in the year are required to file a Report of Foreign Bank and Financial Accounts (FBAR).

The IRS’s analysis of multi-year filing patterns has revealed hundreds of potential FBAR non-filers with average account balances exceeding US$1.4 million. In response, the IRS plans to audit the most egregious potential non-filer FBAR cases in Fiscal Year 2024.

Labour brokers: The IRS has identified instances in which construction contractors are making payments to apparent subcontractors via Form 1099-MISC/1099-NEC, yet these subcontractors are, in fact, “shell” companies lacking a legitimate business relationship with the contractor.

Funds paid to these shell companies are routed through Money Service Businesses or accounts associated with the shell company before being returned to the original contractor. This scheme has been observed in states like Texas and Florida.

The IRS is expanding its attention in this area, conducting civil audits and launching criminal investigations to address non-compliance.

This effort is aimed at improving overall compliance, ensuring proper employment tax withholding for vulnerable workers, and creating a fairer playing field for contractors adhering to the rules.

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