In addition, the IRS established a program to help businesses being examined settle their employee classification issues, the classification settlement program (CSP), and a procedure for early referral to appeals if they don't agree to settle and reclassify
the employees in question during their audit.
Law firms that still deduct reimbursable litigation expenses, but wish to reclassify
them as loans, should consider filing a timely Form 3115.
Rothman, senior partner of Loeb & Troper in New York City and chairman of the AICPA tax-exempt organizations committee, said regulations should reduce uncertainty and limit the recordkeeping burden for nonlobbying activities that the IRS may, in the future, reclassify
as lobbying activities.
To make its point more emphatically, the IRS launched a high-priority campaign in 1988; it sent 750 revenue agents into the field to reclassify
the workers and collect what it claims are taxes owed.
If, in consultation with the client or the CPA's boss, it's determined the situation is indeed not clear-cut, the company might consider, for safety's sake, to reclassify
the questionable workers.
Psilocybin must clear phase III clinical trials before the FDA can be petitioned to reclassify
it, which could happen in the next five years.
Beltran explained that the SRA Board already denied PCPPI's request to re-consider its decision to reclassify
PCPPI's HFCS stocks from D to B and have it destroyed immediately.
District Court for the Southern District of New York dismissed a request to reclassify
marijuana - currently a Schedule I drug, leaving the plaintiffs in a limbo after many states have legalized marijuana for medical and recreational purposes.
released the following statement today after the announcement of an agreement with Mylan, the manufacturer of EpiPen to reclassify
the auto injection medical device, a move that will save taxpayers hundreds of millions of dollars.
Agriculture Secretary Emmanuel Pinol directed the agency to remove the heirloom rice from its regular rice program and reclassify
it as a high-value crop, Caraguian said.
"Until it occurred to them that perhaps they could reclassify
and pay a lower tax rate."
Under the current plans, the contract will reclassify
doctors' normal working week to include Saturdays and late evening working.