For several years the Internal Revenue Service (IRS) has been taking steps to improve compliance with worker classification requirements. Taxpayers that treat employees as independent contractors may be liable for employment taxes for improperly reported payments. While there is much guidance on determining whether a worker should be treated as an employee or independent contractor, ... Read More ›
For labor organizations, the Labor-Management Reporting and Disclosure Act of 1959 (LMRDA) requires that all records supporting a Form LM filing be kept for five years. The Internal Revenue Service requires that most records be kept for three years after a Form 990 is filed, and payroll tax records must be kept for a minimum ... Read More ›
Now that we have begun a new year, a “best practice” is to review your union’s bonding insurance. This type of insurance is required by the Labor-Management Reporting and Disclosure Act (LMRDA) and almost always by international and local by-laws and constitution.
The required bond guarantees reimbursement to the union for any financial loss by fraudulent ... Read More ›