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Common Mistakes That Lead to Employment Tax Liability and Penalty Exposure
Payroll Folder
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1. Classification of Employees as Independent Contractors
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2. Failure to Subject Vendor Payments to Backup Withholding
Taxes
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3. Failure to Issue Form 1099s
envelopes
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4. Not Including the Fair Market Value of Gift Cards, Prizes and Awards in Employees' Income
Gift Cards
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5. Failing to Timely Deposit Withheld Taxes
Electronic bank account
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6. Failure to Timely Deposit Withholding Taxes on Vested Restricted Stock and Exercise of Stock Options
Stock certificate and leather holder
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7. Incorrectly Excluding Expense Reimbursements from Reportable Wages
Expense report
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8. Failure to Include Nonqualified Deferred Compensation in Executives' Incomes
Stack of US Dollar banknotes, close-up
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9. Not Including the Appropriate Value of Taxable Fringe Benefits in Employees' Income
Passengers Toasting With Champagne in an Aircraft Cabin Interior
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10. Excluding Travel and Commuting Expense Reimbursements from Employees' Income.
Traffic jam in Los Angeles
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Alvarez & Marsal Taxand Says:
Bookkeeper and the secretary on a workplace
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