IRS program can help you correctly classify workers

02/10/2013 | Fox Business Small Business Center

An IRS program offers a reprieve to business owners who have incorrectly classified their employees. Under the Voluntary Classification Settlement Program, eligible employers who come into compliance pay a portion of their tax liability and can avoid employment tax audits for previous years as well as penalties and interest. Generally, workers should be classified as employees instead of independent contractors if they provide the same service as your business, writes Bonnie Lee, the owner of Taxpertise.

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