» W. H. Simon - IRS Updates
WORKER
CLASSIFICATION SETTLEMENT PROGRAM
IRS announced a new program to provide relief to
treat workers as employees. The Internal Revenue Service will
provide partial relief from federal employment taxes for eligible
taxpayers.
The new program by IRS is to permit taxpayers to voluntarily
reclassify workers as employees for federal employment tax purposes.
This program is optional, but it will afford taxpayers with an
opportunity to reclassify their workers as employees for future tax
periods and only require limited federal employment tax liability
for the past nonemployee treatment. In order for a taxpayer to
voluntarily participate in this new program, they will need to apply
to enter into the program as well as a closing agreement with IRS.
If we can be of assistance in this area, please do not hesitate to
contact us at (727) 791-7879 or by email to
whsimon@whsimon-cpas.com.
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