Do you file Forms 1099-MISC or 1099-NEC? If so, you might mix up the forms, enter incorrect information, or use a form from the wrong tax year. If you make a mistake on either form, you may need to issue a corrected 1099.
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W-2 Employee vs. 1099 Contractor: Which Is Better for Your Small Business?
You’re ready for some help around your business. Should you hire a W-2 employee or a 1099 contractor? The choice might not be yours. There are key differences between a W-2 employee vs. a 1099 contractor that you must understand to stay legally compliant.
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“SOS! Do I Need to Prepare a 1099 for Credit Card Payments I Make to Contractors?”
Paying a contractor to perform work for your business comes with a little disclaimer: reporting said payments on Form 1099-NEC. But what if you pay your contractor using a credit card? Do you have to prepare a 1099 for credit card payments?
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Independent Contractor vs. Employee Classification
Here’s a payroll question: How do you differentiate between employees and independent contractors? It all depends on the relationship between the potential employer and the worker, as outlined by the 2024 DOL contractor rule.
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New DOL Contractor Rule 2024: What to Know for Worker Classification
Not all workers are employees. Some might be independent contractors. Figuring out if your worker is an employee or independent contractor under the Department of Labor (DOL) guidelines can be difficult. The new DOL contractor rule 2024 aims to eliminate confusion. It provides detailed guidance on worker status. As a result, the number of workers […]
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IRIS 1099: What to Know About the Information Returns Intake System
Do you need to file Form 1099-NEC, Nonemployee Compensation, Form 1099-MISC, Miscellaneous Information, or another 1099 type? You can use the IRS’s Information Returns Intake System (IRIS) to e-file 1099s.
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The Ins and Outs of E-Filing 1099s With the IRS
When you own a business, you may need to hire an extra helping hand, like a vendor or contractor, to get a job done. And when you pay an independent contractor or vendor, you may be responsible (depending on how much you paid them during the year) for distributing and filing either Form 1099-NEC or […]
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How to Convert a Worker from Contractor to Employee
At some point, you might need to convert an independent contractor to an employee.
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Hiring a 1099 Subcontractor: Do Your Homework
As a small business owner, you might have considered hiring a 1099 subcontractor. In some ways, a subcontractor can give you more flexibility than an employee. Subcontractors are responsible for their own permits and payroll taxes.
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What Is Nonemployee Compensation?
As a small business owner, you might hire independent contractors to address business-related needs. When you pay an independent contractor, they receive nonemployee compensation. What is nonemployee compensation?
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