Financial Services Industry
Industry: Email Alert RSS FeedTaxing situation for independents; IRS ombudsman advocates withholding for reps.(News)
Investment News, February, 2004
Byline: Bruce Kelly The "independent-contractor'' status of the 150,000 or so registered representatives who work as brokers affiliated with broker-dealers may be in jeopardy once again. Such brokers aren't employed by a broker-dealer and are commonly referred to as independent registered representatives.
Buried in a recent report to Congress from Nina E. Olson, the Internal Revenue Service's national taxpayer advocate, was a recommendation that taxes be withheld for non-wage workers. Such a move would place another new compliance burden squarely on the shoulders of broker-dealers at a time when they are reeling from regulation. It could also affect the culture of the entrepreneurial registered reps affiliated with independent-broker-dealer...
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