Independent Contractor vs. Employee - New Rules Issued By The Department of Labor

Overview

The Department of Labor recently released its final rules on Independent Contractors vs. Employees. It is also important to note that the Internal Revenue Service also has guidelines as do many states. You have to know all three to be compliant. Otherwise, your organization could be subject to huge fines of well over a million dollars.

Don’t become one of those companies that is forced to pay hundreds of thousands or millions of dollars because they did not know the rules.

Failure to comply with the new rules can have devastating financial consequences and can result in back pay for overtime not paid, the IRS penalizing you for back income taxes, FICA and states going after you for unpaid income taxes, workers compensation premiums and unemployment payments.

US Department of Labor recovers $532K in back wages after employer misclassifies them as contractors.
A federal court in Virginia has entered a judgment ordering a Norfolk-based medical staffing agency, which intentionally violated federal laws by classifying their workers as independent contractors and denied employees their rightfully earned overtime wages, to pay more than $7.2 million in back wages and liquidated damages.
As you can see, violating the law regarding independent contractors can be very expensive.
Complying with the new rules is just a smart business practice.

Why you should Attend

After going through this webinar, participants will know:

• The new rules the Department of Labor will use to determine employee vs independent contractors
• The new guidelines the safest way to use independent contractors
• What to include in independent contractor agreements

Who Will Benefit

• Human Resources Professionals
• Small Business Owners
• Supervisors
• Managers

Areas Covered in the Session

• The new DOL six factor test on Independent Contractors vs Employees
• IRS Common Law Rules Regarding Independent Contractors
• ABC Common Law Method
• Differences in Financial Obligations
• Consequences of Misclassifying Employees as Independent Contractors
• Independent Contractor Agreements
• What's Going to Get You in Trouble
• Action Item