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In its continuing effort to close the gap between taxes owed and taxes paid, the Internal Revenue Service (IRS) is investigating whether businesses have misclassified employees as independent contractors, thereby avoiding employment taxes like Social Security and Federal Unemployment withholding.
The IRS encourages businesses to come forward on their own and address the misclassification of employess by offering the Voluntary Worker Classification Settlement Program (VWCSP) popularly called 1099 Amnesty.
Under the VWCSP, part of the IRS "Fresh Start" initiative, businesses could avoid their liability for years of unpaid taxes by voluntarily reclassifying workers and by paying a minimal payroll tax obligation now.
Scottsdale Arizona CPA firm Accounting World encourages businesses to take advantage of the program noting that businesses with misclassified workers could face years of back taxes, penalties and late fees. In today's economy, a large, sudden and unexpected tax burdern might be more than many businesses could withstand.
In response to the overwhelming need to address this issue, and to save businesses the potentially catastrophic result of missing this opportunity, Accounting World encourages businesses to take advantage of the VWCSP and has instituted a specialized 1099 Amnesty Program to help businesses determine whether they are compliant - and to guide them through the reclassification and payment process.
If you're not sure where you and your company stand on this important issue, don't wait for the IRS to come calling. Find out now. If you wait until you're under investigation or audit, you won't qualify for the program and could be liable for a crippling tax burden.
Tax Preparation, Tax Planning and Accounting Services for Phoenix, Scottsdale & Surrounding Areas