Ex-Wells Fargo Financial Adviser Was Employee for Tax Purposes

A Wells Fargo & Co. financial adviser was an employee of the bank and thus can’t assert he was an independent contractor in order to claim Schedule C deductions, a federal judge held.

Based on the benefits Wells Fargo afforded him, Francisco Gil wrongly claimed he was an independent contractor on his taxes for 2020 and 2021, Judge Gerald Austin McHugh Jr. of the US District Court for the Eastern District of Pennsylvania said Wednesday.

He therefore can’t claim Schedule C deductions for business expenses and must also pay a tax penalty, McHugh said, shaving about $40,000 from his tax ...