By Juliet L. Fink and Megan L. Brackney
WG&L Practical Tax Strategies Journal
October 2012 Edition
On 9/21/11, the IRS announced a new voluntary disclosure program, the Voluntary Classification Settlement Program (VCSP) to provide an incentive for taxpayers to comply with their employment tax obligations. The VCSP is part of a larger “fresh start” initiative by the IRS to encourage taxpayers and businesses to get compliant, while giving them financial certainty under the VCSP’s penalty framework. Under the program, eligible businesses will pay minimal back taxes and avoid all interest and penalties if they properly reclassify workers from non-employees or independent contractors to employees for future tax periods. The VCSP has no deadline.
Click here for the full article
