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
Why Should you Attend
- 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
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.
Who will Benefit
- 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
- General Counsel
- In-House Labor Lawyer
- Executive Management
- Human resource policy decision-makers, front-line HR professionals
- Business Owners
- Department Managers
- Managers, Supervisors
- Team Leaders
- Personnel Managers
- Anyone with the responsibility of hiring or acquiring service providers