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Certain States (NY, CA, IL) require written agreements for independent contractors

More and more regulations are added for employers that hire independent contractors, freelancers and other gig economy workers. California (CA) – Freelance Isn't Free Act (AB 2257) back from 2020 plus the Freelance Worker Protection Act (FWPA) that took effect earlier this year. Requires written contracts for certain professions, included in a list such as

1099-K threshold delayed again

In the recent IR-2024-299 released at the end of November, the IRS indicated that the 1099-K threshold is delayed again. The 1099-K form is used by Third Party Settlement Organizations (TPSOs) like Venmo and similar cash apps and credit card processing vendors. The thresholds will be: 2024 - $5,000 2025 - $2,500 2026 - $600

By |2025-01-06T07:06:22+00:00December 6th, 2024|Categories: Business, Individuals|Tags: , , , , , , , , , , , |
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