Northeast Philadelphia Tax Preparation Services Newsletters - Summer 2011
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NEW IRS VOLUNTARY WORKER CLASSIFICATION PROGRAM
OFFERS PAST PAYROLL TAX RELIEF
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The IRS has launched a new program that allows employers an amnesty of sorts if they agree to reclassify their workers as employees rather than independent contractors. If you want to participate in the program, you would be required to make a minimal payment covering past payroll taxescbefore the IRS audits you. Specifically, under the new Voluntary Classification Settlement Program (VCSP), you as an employer can make a payment of just over one percent of the wages paid to re- classified workers for the past year. You also must agree to treat the covered workers as employees instead of independent contrac- tors going forward.
According to the IRS literature, the program is available to many businesses, taxexempt organizations and government entities that currently “erroneously treat their workers or a class or group of workers as nonemployees or independent contractors, and now want to treat these workers as employees to avoid an audit and IRS reclassification.”
Here are the eligibility rules: • You must have consistently treated the workers in the past as nonemployees. You must have filed all required Forms 1099 for the workers for the previous three years. • You must currently not be under audit by the IRS, the Department of Labor or a state agency concerning the classification of these workers
No interest or penalties will be due, and you will not be audited on payroll taxes related to these workers for prior years. If you are interested in applying for this program, please contact your Northeast Philadelphia Tax Accountant.
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In preparing
your small business tax return for your Northeast Philadelphia Small Business,
please do not hesitate in contacting your Northeast Philadelphia Tax
Accountants at 215-667-8839. We proudly
provide accounting and tax preparation to small businesses in Northeast
Philadelphia.
Source:
National Society of Tax Professionals
About Us:
Excellence
Accounting and Tax Services are your Northeast Philadelphia Tax Accountants
with 24 years of combined Accounting, Tax, and Auditing Experience. We provide Accounting and Tax Preparation Services
to Small Businesses in Northeast Philadelphia.
We also have other tax locations in Northern Liberties in Philadelphia.
If you have any question on what is deductible for
your Northeast Philadelphia Business, please do not hesitate in contacting your
Northeast Philadelphia Tax Accountants.
We proudly provide tax preparation and accounting to Northeast
Philadelphia. Please do not hesitate in
contacting us at 215-667-8839 or visit our website at www.excellencetaxservices.com
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