The Tax Man Cometh

CFO Zone
In this article, Mike Lloyd discusses the 6,000 employment tax examinations launched by the IRS, arguing that the program should prompt all employers to review their payroll and accounts payable procedures to confirm the proper treatment of employee wages, as well as information reporting and withholding on payments to third parties. Employers should establish a compliance team at the direction of counsel to evaluate the effectiveness of existing procedures and implement improved procedures, if necessary. It is always advisable to take corrective action before the IRS announces its plans to audit because self-correction may negate the imposition of penalties.
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