Camille Olson Quoted in The Wall Street Journal's MarketWatch
"IRS offers break to employers who hire freelancers"

Seyfarth Shaw Labor & Employment partner Camille Olson was quoted in MarketWatch on October 7. The article discussed the IRS' new Voluntary Classification Settlement Program (VCSP), which allows business owners to come forward and correctly classify employees which had been incorrectly listed as freelance workers over the past three years, allowing them to avoid employee and payroll audits.

Seen as a win-win for the IRS and businesses, companies that do not comply and get caught would have to pay much greater costs to compensate for the federal taxes that should have been withheld.

If a small business owner decides to not take part in VCSP, Camille pointed out that the Section 530 safe-harbor rule, a special provision of the law, could protect employers who qualify, but certain conditions must be met in order to qualify for this relief:

To read the full article, click here: http://www.marketwatch.com/story/irs-offers-break-to-employers-who-hire-freelancers-2011-10-07