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Why it’s Becoming Harder for Businesses to Use Independent Contractors

October 2, 2024October 22, 2024Lower Taxes, Small Business Tax Consultant, Small Business Tax Tips, Tax Deductions, Tax Strategies

Does your business classify workers as independent contractors instead of employees? You should know that the U.S. Department of Labor is trying to make it harder for all businesses to use independent contractors. The Department of Labor enforces the Fair Labor Standards Act (FLSA), the federal law that requires most employers to pay employees a...Continue reading

Beginning 2020 IRS Requires 1099-NEC Instead of 1099-MISC

January 30, 2021February 8, 2021Individual Tax Returns, IRS Filing, Lower Taxes, Tax Deductions, Tax Preparation, Tax Services Cleveland, Tax Strategies

What is Form 1099-NEC? Starting with the 2020 tax year, the IRS requires businesses to use the new Form 1099-NEC to report nonemployee compensation – not Form 1099-MISC, which was previously used. Filing Taxes With a 1099-NEC If you are self-employed and receiving any type of 1099 forms, you should be using a tax preparation...