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Webinar
Examining Form 1099-MISC
October 25, 2011
Presented by John Foertschbeck, CPA
Lynda Foertschbeck, IRSCompliance, Inc.
Earns 1.5 CPEs & 1.5 CEUs
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Employee Classification Amnesty?
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Between the Department of Labor increasing its investigations of employee classification practices and congress trying to pass new, stricter laws, now is not the time to misclassify employees or independent contractors.
However, a new IRS voluntary compliance program could entice organizations to come forward. This issue features information about the program, including how much money participants can expect to pay and what penalties they will avoid.
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| Patrick Harbin – Editor
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Voluntary Classification Settlement Program |
Starting immediately, organizations that misclassify employees as independent contractors can voluntarily report to the IRS and have all penalties and fees waived.
See IRS Entices Businesses to Come Clean on Employee Classification on TAPC.
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VCSP Conditions |
While the IRS will waive penalties, participants in the VCSP are still required to pay back a portion of back employment taxes. Organizations taking advantage of the program agree to the following two conditions:
- Participants will pay 10 percent of the employment tax liability that they would have paid had they correctly classified the workers.
- Participants will agree to extend the statute of limitations on future payroll tax audits from three years to six.
For more on employee classification and other tax issues, be sure to attend the upcoming 2011 IRSCompliance Regulatory Tax and Accounts Payable Conference. Held Nov. 6-9 at The Mirage, Las Vegas, the conference features more than two dozen expert presenters. The conference also earns CEUs for APM, APS, and CIRS-certified individuals.
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Just for Fun! |
In a move to increase interest in sending letters by mail, the U.S. Postal Service is for the first time allowing living people to be commemorated on postage stamps. Voting has already started. See Postal Service Will Begin Honoring Living People on Stamps.
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