Do you hire independent contractors?
Then make doggone sure they are independent contractors or you could be caught in a dangerous IRS trap!
Here’s the story…
The bad news:
If you’ve hired independent contractors and the IRS decides that you’ve misclassified them, and that they’re actually “employees,” watch out! You could be on the hook for thousands of dollars in federal taxes and penalties. NOTE: Misclassifying independent contractors is a lot easier than you think, so keep reading.
The good news:
If you have made a misclassification error, the IRS can actually cut you a break thanks to their Voluntary Classification Settlement Program (VCSP). If you know how to play the game, the VCSP can save you a lot of money.
Our advice? Before trouble starts, read our new article titled Tax Tips: How to Avoid Thousands in Federal Taxes and Penalties If You Misclassified Employees as Independent Contractors?
Three ways our fact-filled article can help you:
- We’ll explain the IRS’s merciful deal. Under the VCSP you reclassify your independent contractors as employees for future tax periods. Then Uncle Sam will forgive a big chunk of your past-due federal employment taxes. You’ll get all the details when you read the full article.
- You’ll learn how to qualify for the VCSP. There are three things you’ll have to do to keep the IRS happy. We’ll tell you what they are when you read the full article.
- We’ll tell you five ways the VCSP can save your bacon. If you play your cards right, you can reap enormous savings. We’ll show you how to come out a winner when you read the full article.