CHK defrauded the Federal Government by misclassifying employees as independent contractors of third parties. If the employer sets the manner, time or method of completing work, you fail the test for an independent contractor.
ERISA, as amended, provides non discrimination rules which demand that employee benefits have to be uniform throughout a company and can’t discriminate in favor of key employees. OASDI rules require that an employer pay ½ the cost.
In an enormous fraud, the Shalers intentionally misclassified employees as independent contractors and defrauded the IRS out of billions of dollars.
Biden is going to slam the door on the fraud and demand payment due with the individuals properly classified. Then they are going to disqualify all of the Shalers retirement plans and demand back taxes, interest and penalties.
Biden’s big thing is that he is going to enforce the law.
Purple Land Management, Holland Land, Percheron, Western Land Services; TS Dudley, Honor Resources are going to be financially obliterated. The aforementioned are the principal offenders in the conspiracy and fraud. The IRS has tapes of brokers establishing the times when the landmen have to be in the courthouse and set many other requirements that conclusively disqualify the landmen from independent contractor status.
The fraud was brazen and is so open that you wonder how the companies were so reckless. Many of the foregoing have principals that will surely receive prison time.