-Irvine, would require employers to verify each new employee's Social Security number with the Social Security Administration and provide annual reports to the Franchise Tax Board with the name and number of each
employees as independent contractors is a huge issue for many organizations, with stepped up IRS enforcement and the possibility of fines, penalties and back tax payments of tens or in some cases hundreds
,000 in the same quarter in 2005. However, the company also said it took a $16.9 million tax valuation allowance in the fourth quarter that contributed to the loss. The company had a net loss of $13.3 million
to manage risk," says Elliott. Among Randstad's other partners are MAXIMUS, which handles the company's 1-9 verification program, and TALX, which helps Randstad with its state unemployment insurance and tax
operations, accounts payable and even tax return preparation are some of the most outsourced business processes.
... operations, accounts payable and even tax return preparation are some of the most outsourced business processes.
Financial services companies, especially, have embraced business process outsourcing. Heavily
, the Internal Revenue Code currently allows a tax deduction of up to $15,000 per year for expenses associated with the removal of qualified architectural and transportation barriers.
What should you do
. Independent contractors are also tracked, invoiced and paid through the system. This mitigates Brocade's co-employment and tax risks.
Risk mitigation notwithstanding, another test is to get the Brocade