Independent contractor status denied
Article Abstract:
The Internal Revenue Service (IRS) has recently made a distinction between workers as employees and as independent contractors. The classification of worker status was based on the control recipients of service have over the performance of service. In the case of registered nurses whose assignments were determined by a placement agency, the IRS established that nurses who provide services to individual clients were independent contractors, while those who perform services as part of the staff of institutions, such as hospitals and clinics, are classified as employees of those organizations. the liability for employment taxes will fall on the entity that pays the salaries of the workers.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1991
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Increased flexibility for 401(k) and 401(m) plans in final regs
Article Abstract:
The modified Proposed Regulations issued by Treasury regarding 401(k), 401 (m), and 402(q) have recently been finalized. The final regulations did not change rules on the definition of cash or deferred arrangements (CODAs) and qualified CODAs, but favorable changes were made in the regulations pertaining to the determination of compensation, computation of income that can be alloted to excess contributions, and the standards for hardship distributions. Regulations interpreting the special 401(k) and 401(m) requirements for non-discrimination, unfortunately, remains complex.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1991
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Plan loan repayments may be rolled over
Article Abstract:
The IRS has provided guidance on the tax treatment of distributions made on loans obtained from a qualified plan. In Notice 93-3, IRB 1993-3, xx, the treatment of such distributions is discussed in relation to the treatment of required payments and the new withholding rules covering net unrealized appreciation. Notice 93-3 also rules that an offset used in the payment of a loan from a qualified plan can be treated as a rollover distribution even if a participant is no longer employed with the firm that sponsored the qualified plan used to obtain the loan.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1993
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