A commonly held belief is that a plan administrator must withhold 20% of the amount of plan distributions for federal income-tax purposes from all retirement plan distributions. But this is simply not the case. As a business owner – or as an employee – it is important to understand the rules surrounding federal income-tax withholding resulting from a request for a...
Read MoreThe IRS has announced a new initiative for employers, known as the Voluntary Worker Classification Settlement Program. The program allows employers who have misclassified workers as “independent contractors” rather than “employees” to reclassify the workers. The employers would only have to pay a small percentage of the employment tax liability that would have been...
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