Posts Tagged ‘employees’

IRS Break on Independent Contractors – Good Deal or Risky Business

Friday, November 18th, 2011

 by Eric Lasch, Senior Tax Manager

The IRS has launched a new Voluntary Classification Settlement Program (VCSP) for employees that have been misclassified as independent contractors (or as other non-employees).  The VCSP is available to taxpayers who are currently treating their workers (or as class or group of workers) as independent contractors or other non-employees and want to prospectively treat the workers as employees.  To be eligible, a taxpayer: (more…)

Household Employees and Withholding Taxes

Monday, May 17th, 2010

If you employ someone to work for you around your house, it is important to consider the tax implications of this arrangement. While many people disregard the need to pay taxes on household employees, they do so at the risk of stiff tax penalties. As you will see, these rules are quite complex, even for such a relatively minor employee, and a mistake can bring on tax headaches. (more…)