Overview:
Understanding proper classification requirements and helping to guide your company through this sensitive and important decision can be one of the most valuable and beneficial services that payroll departments can provide to the organization. Can you be relied upon to make those determinations correctly?
The information provided in this program will help the attendee to correctly identify and classify employees vs. independent contractors and the correct procedures for payroll departments to compensate them.
Why should you attend: The largest compliance penalties ever levied have their roots in employee classification. As a result the IRS recently turned their attention towards stricter enforcement of these regulations. Many states have increased scrutiny and penalties for violations in their jurisdictions as well. A simple misinterpretation of employee classification rules can result in monetary damage that can adversely affect an employer. And if misclassification can be proven intentional, those penalties could cripple…or kill…any business entity.
Areas Covered in the Session:
- What classifications of workers are allowed under the IRS rules
- What is the common law rule and how is it used to determine worker status
- What are the three factors the IRS uses to determine worker status and how to apply them correctly
- How FLSA rules differ from IRS rules when it comes to determining who is an independent contractor
- Using the Form SS-8 to your advantage to determine who is or is not an independent contractor
- What are the penalties for misclassifying an employer as an independent contractor and who assesses them. It’s not just the IRS you have to worry about.
- Who gets a W-2 and who gets a 1099 and why one worker should not get both
- Find out how easily a 1099 audit can be triggered and why the chances of getting one are on the rise
Who Will Benefit:
- Payroll professionals
- Human Resources and Accounting Personnel
- Business Owners
- Lawmakers
- Attorneys, or any individual or entity that must deal with the complexities and technicalities of the payroll process.