W2 to corp2corp ?

[gluck]

I am on a W2 with my recruiting company. Can I switch from W2 to corp2corp for the same assignment ?

 

[Injury]

Just a heads up that there is a tax information sticky at the top. Might get some good response in there, as it seems the moron debate teams stay away from it.

 

[FoBoT]

Originally posted by: Injury
it seems the moron debate teams stay away from it.

which team am i on? i didn't get a PM about this :frown:

 

[gluck]

Originally posted by: Injury
Just a heads up that there is a tax information sticky at the top. Might get some good response in there, as it seems the moron debate teams stay away from it.

fixed the title. I don't think its a tax question. Just general info

 

[EagleKeeper]

Usually not.

 

[kermalou]

what is corp2corp?

do you mean 1099?

 

[gluck]

Originally posted by: EagleKeeper
Usually not.

Is this IRS policy or company specific ? Here is the deal I am dealing with this recruiting company who has me on a contract in which I had an option of W2 or corp2corp. I chose W2, now can I go ahead and change it to corp2corp ?

 

[gluck]

Originally posted by: kermalou
what is corp2corp?

do you mean 1099?

Its kinda like 1099 but this is dealing with a corporation instead of individual.

 

[EagleKeeper]

Originally posted by: gluck

Originally posted by: EagleKeeper
Usually not.

Is this IRS policy or company specific ? Here is the deal I am dealing with this recruiting company who has me on a contract in which I had an option of W2 or corp2corp. I chose W2, now can I go ahead and change it to corp2corp ?

IRS frowns on non-W2 workers working for contracting agencies. this is due to abuse of the situation.
The agency has already reported you to the IRS as W2. They could change it to 1099 (if you pressured them) but it would also red-flag the IRS (which both of you may not want to do).

Corp2corp may be allowed; that drops you as a person out of the loop. Sometimes the client will insist on certain requirements for Corp2Corp, othertimes they will say no way.


You may be able to pressure them into classifing you as a statuatory which will be similar to a 1099 but shows as a W2 w/ taxes withheld. Benifit is that come tax time, it acts as a 1099 for a Schedule C.

 

[Platypus]

corp2corp.. sounds hot

 

[AgaBoogaBoo]

Originally posted by: CorporateRecreation
corp2corp.. sounds hot

hell yeah