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The Internal Revenue Service recently announced a program that provides employers with the opportunity to reclassify some or all of their workers from non-employees or independent contractors to employees (for employment tax purposes).
The new Voluntary Classification Settlement Program (VCSP) offers partial relief from past federal employment tax obligations – if the employer prospectively treats the workers as employees.
Note: As of publication, only the IRS is offering this federal tax relief. It is unclear whether state or local tax agencies or DOL wage and hour divisions at the federal or state level will offer similar relief. Employers are encouraged to seek professional assistance including CPA Advice at Perfect Tax and legal counsel to evaluate the benefits and consequences of participating in the VCSP and how it would impact their business.
According to the IRS website, to participate in the VCSP employers must meet the eligibility requirements, complete the application process and upon acceptance, enter into a closing agreement with the IRS.
To be eligible to apply for the VCSP, an applicant must:
Interested employers can apply for the program by filing Contact US, Application for Voluntary Classification Settlement Program, at least 60 days before they want to begin treating the workers as employees.
Employers accepted into the program will agree to prospectively treat the class of workers as employees for future tax periods. The employer:
For details of the VCSP, including FAQs, visit the IRS website. Additionally
Every year, Perfect Tax monitors thousands of changes in local, state, and federal laws that affect our more than 550,000 U.S. business clients. You can be assured that we will continue to take care of the administrative details — so you can focus on running your business.
Please bookmark this page and visit often for the latest updates on the IRS Voluntary Classification Settlement Program (VCSP), as well as other pending government legislation.