IRS Guidance Announces Date for Voluntary Certification Program
![IRS Guidance Announces Date for Voluntary Certification Program](/media/1706/taxing-subjects-archives.jpg?anchor=center&mode=crop&width=750&height=422&rnd=131666356990000000)
Applications Accepted Starting July 1, 2016
The IRS yesterday provided preliminary information pertaining to the professional employer organizations (PEOs) voluntary certification program that was created by late-2014 legislation.PEOs are defined as organizations "[that] handle various payroll administration and tax reporting responsibilities for their business clients."
Those receiving and maintaining the credential are expected to meet specific criteria, including
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Tax status
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Background
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Experience
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Business location
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Financial reporting
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Bonding
While another revenue procedure outlining the application process will be released closer to July 1, IR-2016-74 announces temporary regulations that are available for review in the Federal Register. Those wishing to leave feedback about the proposed regulations must do so before August 4, 2016.
Source: Internal Revenue Service