FinanceRegs.com » Guidance on two key issues

Guidance on two key issues

October 24, 2008 by Carol Katarsky
Posted in: Fringe benefits, Hiring & training staff, In this week's e-newsletter, Internal controls, IRS regs, Latest news & views, Tax compliance

Make sure you get the latest guidance from IRS on these two employment tax issues companies have been submitting questions about:

IRS Headliner 246 provides expanded explanations on:

  • handling personal use of employer-provided cars — Personal use of the cars is a fringe benefit and, generally, fringe benefits are taxable unless specifically excluded by law. The guidance explains how to determine that value of the use of the car.
  • the Classification Settlement Program– The CSP allows eligible companies who apply to the program to receive reduced penalties for worker misclassification errors. CSP is available only for companies who have independent contractor/employee misclassification issues to clear up.

Visit IRS to see all the details.

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