IRS issues reminders on employment taxes

The IRS issued a fact sheet reminding business owners how critical it is to understand the various types of employment-related taxes they may be required to deposit and report. The fact sheet provides information on some of the more common employment tax topics posed by business owners, including: (1) Worker Classification, (2) Voluntary Classification Settlement Program, (3) Fringe Benefits, (4) Officer Compensation, AND (5) Backup Withholding and Information Return Penalties. The fact sheet is reproduced in this Report Letter on pages 7–8. (IRS Fact Sheet, FS-2015-25, November 2015.)

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