Misclassification of workers by payees is an easy IRS target. The IRS says if you treat employees as nonemployees you will be liable for all social security and Medicare taxes and for withholding taxes for the entire period of misclassification plus all penalties and interest.
As a result, companies need to be especially careful to ensure that their employee vs contractor classifications are in compliance with the law.
Objectives of the Presentation
Understand fundamentals of contractors vs. employees
How to increase your competitive position by understanding these areas
How to analyze performance and decision making
Learn how to classify employee vs. contractors
Learn best practices
Get reporting and compliance tips
Why Should you Attend
Properly classifying a worker is critically important. If an employee is misclassified as an "independent contractor," the employer can be liable for back wages, including overtime and liquidated damages, under the FLSA; back taxes and penalties for failure to withhold income, Social Security, and Medicare taxes or pay the employer´s share of Social Security and Medicare taxes; as well as other benefits that are offered to employees, such as stock options, profit-sharing, retirement, health and life insurance, and even severance if the relationship ends.
Join the webinar to know the differences between employees and independent contractors, why such distinctions are important to your business, and how they can affect your bottom line.
IRS Test for identifying independent contractors
Purpose of Form 8919
Purpose of SS-8
Purpose of Form 8952
Red flags that attract attention of IRS
How is a company most likely to be "caught?"
The "red flags" companies should look for when performing a self-audit
The IRS´s Voluntary Classification
Settlement Program Objectives
To provide you the tools to appeal and auditor´s decision