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IRS REQUESTS INFORMATION ON PEOs
  
The Internal Revenue Service has announced this week that it is requesting information about current professional employer organization (PEO) practices in an effort to streamline the implementation of a new federal program.

Under the ABLE Act, signed into law last December, the IRS must establish a voluntary certification program for PEOs. The law requires them to meet a number of requirements, including certain bond and independent financial review requirements.

Currently, PEOs are subject to licensing, registration and other requirements in many states. In addition, there are private assurance organizations (including ESAC) that offer PEOs accreditation if they satisfy certain requirements.

"As the IRS gets closer to implementing the SBEA we will be closely monitoring its progress. Although the certification is optional, we expect it to have a significant impact on the industry." - Jeff Solis, PEO Practice Leader, UHY LLP.

The deadline for submissions is Jan. 8, 2016, and the IRS will begin accepting applications for PEO certifications on July 1.

For more information please contact a member of the firm's National PEO Practice in Detroit 313 964 1040, Farmington Hills 248 355 1040 or Sterling Heights 586 254 1040, or visit us on the web at www.uhy-us.com.
   
 

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