Independent Contractors Will Your Business-Survive The Inevitable Audit
This Workshop took place on Friday, October 28, 2022.
WILL YOUR BUSINESS SURVIVE AN AUDIT?
If your business pays sales force, office staff, production crews, or other workers on a 1099 instead of a W-2, can you answer these questions?
- Am I using independent contractors in the right way or am I at risk for a penalty?
- Who will audit my business?
- What are the odds I will be audited?
- I’m doing my best to contribute to a healthy economy, why won’t the government leave me alone?
- What kind of tax bill will I get if we “fail” the audit?
As part of Underhill Law’s Workshop series, the firm conducted a FREE nuts-and-bolts workshop for Colorado business owners. In 90 minutes, we discussed:
- The differences between “employees” and “independent contractors,” and the advantages and disadvantages of each.
- Which government agencies audit businesses using independent contractors and why.
- What kinds of information have to be provided during an audit.
- Why your “independent contractors” are going to probably be reclassified as “employees,” and the consequences for your business.
- Simple things you can do to help prevent a failed audit and a big tax bill.
DO YOU WANT TO PROVIDE FEEDBACK TO THE FIRM?
If you attended the workshop or if you are interested in providing feedback about future workshops, we welcome your feed back. Please let us know what you think and if your business has specific topics of interest for future Workshop ideas!