Explaining US worker classification within the context of UK regulations👇🏻 Misclassification can lead to employers facing retrospective taxes, benefit obligations, and potential financial penalties. So let's get into it 💬... It's akin to being categorised as inside or outside IR35. This classification hinges on assessing the working conditions. In the US, everyone shares responsibility. Nonetheless, contractors typically bear the least liability. Misclassification can lead to employers facing retrospective taxes, benefit obligations, and potential financial penalties. For more information, visit:
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Employers AND employees (AND contractors) should know this! Understanding the distinction between independent contractors and employees is essential for accurate tax reporting. Clarifying roles helps determine whether to use a 1099 or W-2 at year-end. Don’t wait until December—start your classification process now! #TaxCompliance #WorkerClassification
What All Business Owners Should Know About Independent Contractors vs. Employee Classifications
eide-bailly-llp.shp.so
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Understanding the distinction between independent contractors and employees is essential for accurate tax reporting. Clarifying roles helps determine whether to use a 1099 or W-2 at year-end. Don’t wait until December—start your classification process now! #TaxCompliance #WorkerClassification
What All Business Owners Should Know About Independent Contractors vs. Employee Classifications
eide-bailly-llp.shp.so
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Understanding the distinction between independent contractors and employees is essential for accurate tax reporting. Clarifying roles helps determine whether to use a 1099 or W-2 at year-end. Don’t wait until December—start your classification process now! #TaxCompliance #WorkerClassification
What All Business Owners Should Know About Independent Contractors vs. Employee Classifications
eide-bailly-llp.shp.so
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The IRS has announced a second Employee Retention Credit Voluntary Disclosure Program. Deadline to participate is November 22, 2024.
IRS Offers Second Chance to Resolve Employee Retention Credit Claims with New Voluntary Disclosure Program!
cgcbiz.com
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There’s no ‘one size fits all’ supply solution - you’ll benefit from a service that is flexible in line with your needs
⚠️ Understanding the Risks of Umbrella Companies in Recruitment ⚠️ Here are some key risks to consider that can impact workers and your business - 🔹 Hidden Fees: Workers may face unexpected deductions, reducing their take-home pay. 🔹 Non-Compliance: Using non-compliant agencies could result in reputational damage, legal liabilities, or penalties. 🔹 Worker Rights: Lack of transparency can sometimes lead to the exploitation of workers' rights, such as unpaid holiday pay or incorrect deductions. 🔹 Tax Risks: HMRC scrutiny is increasing, and non-compliant arrangements may lead to tax investigations or liabilities. Businesses must carefully vet recruitment companies to ensure compliance with employment law and GLAA regulations where applicable. Prioritising ethical practices isn’t just the right thing to do—it’s essential. #Recruitment #UmbrellaCompanies #Compliance #EthicalBusiness #GLAA Let’s prioritise fairness and compliance in everything we do.
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With legislative change rife in this area, employers that use contingent staff must do due diligence on their staffing supply chains, explains Frances Lewis https://lnkd.in/e3yUgkAC
New guaranteed hours rights for agency workers could lead to more tax risk
peoplemanagement.co.uk
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Understanding the distinction between independent contractors and employees is essential for accurate tax reporting. Clarifying roles helps determine whether to use a 1099 or W-2 at year-end. Don’t wait until December—start your classification process now! #TaxCompliance #WorkerClassification
What All Business Owners Should Know About Independent Contractors vs. Employee Classifications
eide-bailly-llp.shp.so
-
Understanding the distinction between independent contractors and employees is essential for accurate tax reporting. Clarifying roles helps determine whether to use a 1099 or W-2 at year-end. Don’t wait until December—start your classification process now! #TaxCompliance #WorkerClassification
What All Business Owners Should Know About Independent Contractors vs. Employee Classifications
eide-bailly-llp.shp.so
-
Understanding the distinction between independent contractors and employees is essential for accurate tax reporting. Clarifying roles helps determine whether to use a 1099 or W-2 at year-end. Don’t wait until December—start your classification process now! #TaxCompliance #WorkerClassification
What All Business Owners Should Know About Independent Contractors vs. Employee Classifications
eide-bailly-llp.shp.so
-
Understanding the distinction between independent contractors and employees is essential for accurate tax reporting. Clarifying roles helps determine whether to use a 1099 or W-2 at year-end. Don’t wait until December—start your classification process now! #TaxCompliance #WorkerClassification
What All Business Owners Should Know About Independent Contractors vs. Employee Classifications
eide-bailly-llp.shp.so
Knowing correct worker classification terms ensures you 👉🏼 Avoid financial penalties 👉🏼 Following tax laws 👉🏼 Know where you stand with your worker’s schedule