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Mar. 2, 2010

TAXES

PHILADELPHIA - The Internal Revenue Service is preparing for an audit initiative that will focus on companies' underpayment of employment taxes. According to Ballard Spahr LLP, the agency will implement the National Research Program, which will randomly select 6,000 taxpayers through 2012 to trace their deductions of employee payments and the income tax returns that report the income from such payments. Four major employment tax issues to be analyzed are: the classification of workers as employees or independent contractors, sensibleness in executive compensation, reporting of fringe benefits and treatment of employee reimbursements.

PHILADELPHIA - The Internal Revenue Service is preparing for an audit initiative that will focus on companies' underpayment of employment taxes.

According to Ballard Spahr LLP, the agency will implement the National Research Program, which will randomly select 6,000 taxpayers through 2012 to trace their deductions of employee payments and the income tax returns that report the income from such payments.

Four major employment tax issues to be analyze...

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