What’s keeping you awake at night? Reading the latest news about independent contractors being reclassified by the IRS, DOL or some state commission and being charged back taxes and penalties isn’t exactly calming or sleep inducing. The complexity around 1099 or Independent Contractor classification risk is enough to cause even the sturdiest of contractors to toss and turn all night.
You are right - it is also confusing. So much so you might be wondering if you need a law degree to keep track of all this information, all the changes. What if you could make one call and get all the answers, support and training you need? IC Precheck was founded on the belief that freelancers, not just their clients, need to better understand the risks of misclassification, how to avoid reclassification and how to focus more time successfully completing project work.
Why is classification so complex and why does it matter? The DOL, the IRS, state governments and the court system use differing criteria to determine independent contractor status. For example, the Federal Tax Law criteria for determining independent contract status is different than the Fair Labor Standards Act (FLSA). And don’t even get us started on the Dynamex decision coming out of California! All you need to know is that there is no single, national standard to guide you (but there should be!). Ultimately it is up to you to make sure you keep up with the differences and all the changes in order to establish and maintain your 1099 status. IC Precheck can help.
Becoming ICPrecheck certified will give you the information, tools and training you need to successfully navigate IC compliance issues. And there are other benefits as well. For instance, differentiating yourself from other, unqualified ICs (i.e. W2 contractors). Adding the ICPrecheck certification to your resume, marketing information, and proposals not only tells your clients that you meet all the required criteria to be classified as an independent contractor, but also that you are easy and quick to onboard. The IC Precheck Compliance and Due Diligence Package is delivered to your prospects and clients Day 1, saving you both about 5-8 days of compliance screening and onboarding time.
Another Perspective to Consider
As automation forces workers to find new occupations, consulting firm McKinsey & Company believes as many as 800 million adults worldwide will need to find new ways to earn a living by 2030. Although some will simply change careers and land in new full-time roles, others will decide to explore the growing freelance marketplace. This shift is already underway in many sectors, with 72 percent of millennials telling the Intelligence Group that they prefer to be their own bosses.
“No matter what their core skill set or area of expertise might be, freelancers need to be able to understand the needs of the customers and communicate with them in a compelling way,” reports Laurie Pickard, author of Don’t Pay for Your MBA: The Faster, Cheaper, Better Way to Get the Business Education You Need, as quoted in the 2-19-18 issue of Fast Company magazine.
“You can’t just focus on being good at delivering your core product or service,” she says. “You also have to be in charge of sales, branding, marketing, and new product development,” Pickard added.
Get a Good Night’s Sleep
Don’t spend another sleepless night worrying about whether you or your business will ever be reclassified. Contact IC Precheck today at https://www.icprecheck.com/ to get started on your certification. And if that doesn’t help you rest easy and get some quality sleep tonight, try reading this https://www.blr.com/html_email/AI2015-1.pdf.
PROMO CODE OFFER
IC Precheck would like to help you with your transition to independence. Please use promo code "ICP2018" on the Get Certified payment screen now and save $50, on us!