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IRS Scrutinizes Payroll Practices, Challenges for Companies

May 1, 2010, Financial Executive
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About 6,000 companies nationwide are being selected at random for a payroll tax audit. The audits will focus on whether companies are paying all of their required employment taxes that fund Social Security and Medicare. The Internal Revenue Service wants to know how many companies are misclassifying employees as independent contractors and failing to pay taxes on fringe benefits. The initiative is expected to last for three years. Click on the pdf icon to read the full text version of this article.