Employee Misclassification Cost the U.S. 15 Billion in 2001, IRS now coming to collect
Steven Horne, CEO of Wingspan Portfolio Advisors, Is Most Likely Shitting His
Pants Right Now.
The Government Accountability office reported that companies under-reported taxes to the tune of $15 billion in 2001 alone. This stems from misclassifying workers as independent contractors instead of as employees (deliberately and accidentally).
Now the Internal Revenue Service (IRS) is not happy, and they're coming to collect – from the bad guys and the unwitting.
That means more audits, with intense scrutiny into all your records and heftier penalties.
Here's a warning: if you think you are doing this 100% right, odds are you're probably wrong. And that's exactly what the feds are counting on.
They're confident they can raid just about any organization, scrutinize their records and uncover misclassification mistakes. And you know what they'll be thinking when they do?
"Jackpot." That's because the bounty in the form of back taxes and penalties for these types of errors are enormous. How much? At least $7 billion in federal revenues alone over the next 10 years.
Don't become a victim for honest mistakes. This report is your shield against the onslaught of IRS audits that are coming. Get it today.