The IRS has announced that it will conduct payroll audits of 6,000 companies over a three year period to assess compliance with tax regulations. The main impetus for this seems to relate to the U.S. Government Accountability Office advising that the IRS and the DOL should be focusing on curbing abuses in the areas of employee misclassification and the IRS' desire to implement a National Research Program investigating compliance with respect to fringe benefits and executive compensation reporting. How a company operates in each of these areas ultimately impacts the company's employment tax contributions. Lost employment taxes means lost revenue for the government—so they are taking this seriously.
Since being forewarned is being forearmed, companies must begin to review their legal compliance in these key areas and develop appropriate proactive correction strategies to address any problems as the IRS can levy hefty fines for failure to withhold appropriately.
Join Seyfarth Shaw Attorneys to Learn About:
- What to analyze and re-evaluate with respect to employee misclassification
- What to analyze and re-evaluate with respect to executive compensation
- What to analyze and re-evaluate with respect to fringe benefits
Who Should Attend:
CFO or other persons responsible for tax return audits
HR, benefits and legal personnel who work on such compliance and tax reporting matters
For questions, please contact Raegan Pangonis at email@example.com