News & Events
ParenteBeard’s Tax Team Achieves 100 Percent Success in Guiding Clients Through IRS’ Voluntary Classification Settlement ProgramMarch 4, 2013
ParenteBeard’s tax team has achieved a perfect record in guiding clients through applying for the IRS Voluntary Classification Settlement Program (VCSP).
The VCSP is a voluntary program that provides an opportunity for tax payers to reclassify their workers as employees for employment tax purposes for future tax periods with partial relief from federal employment taxes. The program applies to taxpayers who are currently treating their employees (or a class or group of workers) as independent contractors or other nonemployees and want to prospectively treat the workers as employees.
If accepted into the VCSP, tax payers will experience a huge tax reduction, roughly 10 percent of what they would have previously been required to submit.