Posts Tagged ‘IRS’

Employment tax compliance forces IRS business audits

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Companies that misclassify workers as independent contractors instead of actual employees could face scrutiny and penalties in IRS audits that begin this month, industry observers say.
The Internal Revenue Service over the next three years will audit 6,000 randomly selected businesses nationwide, including small and tax-exempt employers, on their compliance to pay employment tax, or FICA and Medicare.

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IRS Peers Into Executive Compensation

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Published in ABC News January 23, 2010 by Kim Dixon
As the Obama Administration seeks backing for a tax on banks’ lucrative pay packages, the Internal Revenue Service has been stepping up its oversight of executive pay through its auditing and other powers. ┬áPresident Barack Obama needs the U.S. Congress to help him pass the 10-year $90 billion tax on bank executive compensation, but the tax agency had already been bearing down on lavish pay and perks across industries on several fronts.

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