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Employee or independent contractor stakes rise

Thursday, November 29th, 2012

Employee or independent contractor? Sure, we understand that treating workers as independent contractors is easier in so many ways. If you are struggling with the question of which classification your workers fall under, it is more important than ever to consider the consequences if the government disagrees with your stance.

This article in Forbes magazine concisely lays out the issue, with some real-world questions for you to carefully consider.

Government agencies at all levels are getting better at communicating across their statutory boundaries. So a seemingly small issue with only a single agency can mushroom into a crippling mess involving the IRS, Social Security, Departments of Labor, workers compensation, insurance, and benefit plans.

The IRS has opened a voluntary disclosure program that limits exposure to the potentially substantial liability of back payroll taxes, interest and penalty that can arise if contractors are reclassified as employees.

If you are concerned about your company’s potential exposure because of the worker classification crackdown, we can help you put a number on the risk and evaluate your options. When you know where you stand with the government regarding your employees and independent contractors, you can make sure you are fully compliant and confidently get back to running your business.

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