Independent Brokers Fear Congress May Re-Write Laws On Independent Contractors

Published Friday, August 28, 2009

Recently introduced legislation threatens to change the IRS rules on independent contractor worker classification and the Financial Service Group (FSI) is worried.On July 30, in the House of Representatives, James McDermott (D-WA) reintroduced The Taxpayer Responsibility, Accountability and Consistency Act of 2008, which sought to change the tax rules relating to the treatment of individuals as independent contractors. McDermott’s proposal would eliminate the safe harbor provision Section 530 of the Revenue Act of 1978, which allows organizations to treat a worker as an independent contractor for income tax and employment tax purposes even if a common ...

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