IRS To Embark On 2,000 Employment Tax Audits
Charlotte, NC, February 26, 2010.
Beginning in late February or early March, 2010, the IRS will initiate audits of between 1,500 and 2,000 employers' 2008 Forms 941. The audits are intended to address an estimated $15 billion gap in employment taxes, and will supply data for a study on employment tax compliance. Auditors will be looking at the following areas:
- Worker classification
- Fringe benefits
- Executive compensation
- backup withholding
- Forms 1099
- Any other issues that arise during the audit.
As all levels of government seek to buoy their budgets by maximizing revenues from all sources available to them, we can expect continued scrutiny of employment tax issues. In addition, companies that improperly classify employees as "independent contractors" or "1099 employees" run a heightened risk.
To learn how SOI can help your business comply with employment tax requirements and avoid the pitfalls of improperly classified independent contractors, go to www.soi.com or contact Eldridge Bravo at (888) 295-6957 ex 6329 or info@soi.com.
About SOI
Active in the professional employer services industry since 1990, SOI has emerged as one of the leading PEOs in the United States. For small and medium-sized employers in select industries, we serve as a trusted partner and function as a comprehensive, integrated human resource department. Our concept facilitates our customer's access to beneficial resources and connections to "blue-chip" service providers otherwise out of reach. Our team of skilled professionals provides expertise in human resources and compliance, risk management, employee benefits, payroll processing, and information technologies. SOI is based in Charlotte, North Carolina and supports tens of thousands of worksite employees within our customer locations throughout the United States. (For additional information, visit SOI's website at www.soi.com)
Contact: media, Eldridge Bravo, Senior Vice President of Marketing, 1.888.295.6957 or info@soi.com
