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Proposed restrictions for self-employed could affect advisers; The FPA opposes California plan.(News)

Investment News

| July 19, 2004 | COPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Sara Hansard

WASHINGTON - California may start requiring businesses to report payments to independent contractors and withhold 2% of the fees paid to them. Such a move, designed to stem cheating on taxes, would likely be applied to independent financial advisers.

Although the recommendation has stalled in the California Legislature, the state's Franchise Tax Board in Sacramento is charged with submitting a report on the issue to the Joint Legislative Budget Committee by Oct. 1.

Officials from the Financial Planning Association of Atlanta and Denver hope to convince state lawmakers not to go ahead with the proposal. William DeReuter, …

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