VCSP

AcronymDefinition
VCSPVio Certified Soft Proofing (advertisement delivery system)
VCSPVoluntary Closure of the Soft Palate (respiration physiology)
VCSPVirginia College Savings Plan
References in periodicals archive ?
Veeam highlighted that Cloud Connect enables VCSP partners to offer cloud-based disaster recovery and offsite backup.
Most homeowners filing a Form 1099 for individuals who perform services for them are unlikely to view those individuals as employees, however, and thus will have little inclination to participate in the VCSP.
In addition, Announcement 2012-45 eliminated the earlier requirement that a taxpayer agree to extend the period of limitation on assessment of employment taxes as part of the VCSP closing agreement.
The VCSP is optional and provides taxpayers with an opportunity to voluntarily reclassify their workers as employees for Future tax periods with limited federal employment tax liability for the past nonemployee treatment.
A business that reclassifies workers under the VCSP must pay 10% of the employment tax liability that would have been due on wages paid to the workers for the most recent tax year using the rules in Sec.
A taxpayer is no longer required to agree to extend the limitation period on employment tax assessment as part of the VCSP dosing agreement with the IRS.
By way of quirk review, the IRS introduced the VCSP in September, which allows small businesses to reclassify workers as employees while paying minimal back taxes and avoiding interest and penalties.
The VCSP was initially established in 2011 (see Announcement 2011-64) and was most recently modified in Announcement 2012-45.
The VCSP affords eligible taxpayers an opportunity to prospectively reclassify misclassified workers while receiving partial relief from federal employment taxes.
However, the VCSP is not a taxpayer's only defense against a retroactive assessment of employment taxes.
The VCSP provides partial relief from retroactive federal employment tax assessments for eligible taxpayers that agree to prospectively treat their workers, or a class or group of their workers, as employees.
Employers accepted into the VCSP must pay a fee equal to slightly over 1% of the prior year's payroll for the reclassified workers.