From the IRS release in June 2024, there will be more reporting requirements to digital and crypto brokers (the ones taking possession or custody of those assets, similar to financial institutions that take custody of securities (stock, bonds, etc.) and release a 1099 Brokerage at year end). As included in the guidance, there is no
As part of the Issue Number: IR-2021-186 and , the IRS reminded business owners the differences between independent contractors and employees. Independent contractor vs. employee Whether a worker is an independent contractor or an employee depends on the relationship between the worker and the business. Generally, there are three categories to examine: Behavioral Control −
The designation of Employee (w2) vs Independent contractor (1099) is not up to the free will of the parties. It has to follow regulations released by the IRS, DOL, and State authorities. Some business owners might consider that independent contractors might be less costly as there is no employer portion, no payroll processing fees, no workers
