Facts and Figures
Social Security Checks—Are you or another family member still receiving Social Security checks in the mail? The government has announced that it will not issue paper checks much longer. Retirees must switch to either direct deposit or a prepaid debit card by March 1, 2013. To use the direct deposit method, you must provide the routing number and account number for your bank account.
Worker Classifications—Under a new IRS initiative, employers can resolve payroll tax matters by reclassifying independent contractors as employees. The Voluntary Classification Settlement Program (VCSP) allows employers to avoid audits by agreeing to pay a minimal amount to cover past payroll tax obligations. The workers must be treated as employees in the future.