review, the IRS may require the business to backup withhold on the contractor. Both of these provisions, says Stevko, are potential aggravations for businesses, but are designed to encourage compliance.
With the myriad proposed tax changes possibly set to take effect in 2010, practitioners are wise to get up to speed on the intricacies now.
“What’s interesting about this is that all of these tax provisions are in the budget bill — and not necessarily on the practitioner’s radar,” Stevko says. “These practitioners have to alert their clients by year end so they can be compliant in January. Once the budget bill is passed…you want to be proactive with clients and strike quickly. Tax professionals are going to want to inform their clients and show they’re on the cutting edge.”
Written by Laurie Dent
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Article was interesting and informative
will be great when the print options works
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