Mark A. Loyd Discusses Employment Tax Audits
BGD partner and chair of the firm’s Tax and Employee Benefits practice group Mark A. Loyd discussed the reality of employment tax audits for companies in his latest “Tax in the Bluegrass” column for the Kentucky CPA Journal. Loyd shares a few tips for companies to prepare for future Federal employment tax audits.
In his new column, Loyd explains why you cannot talk your way out of an employment tax audit. He explains the importance of a company knowing the worker classification rules and how they apply, the collateral effects of reclassification, and options for resolution. “Each situation is different, but there are ways to prepare for future scrutiny of worker classification, ways to handle an audit, and ways to resolve an IRS determination that workers are employees, rather than independent contractors.