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Labor Rules Roundup: June, 2024

Posted by HomeWork Solutions on 6/5/24 8:45 AM

May was an extremely busy month for labor rules across the U.S. Read on for our latest roundup of the Department of Labor's final rule, its ramifications across industries, and expert opinions on how all these topics impact your practice and your clients.

DOL Finalizes Fiduciary Investment Advice Regulation | Practical Law The Journal | Reuters
Reuters
The Department of Labor (DOL) has finalized a regulation on the definition of fiduciary investment advice under the Employee Retirement Income ... 

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Topics: FLSA, independent contractor, accountants, CPA

The Nanny or Senior Caregiver Independent Contractor Myth

Posted by HomeWork Solutions on 5/3/16 7:00 AM

Did you know that if you pay a senior caregiver or nanny directly that it’s likely that the law considers your caregiver an employee?

As an employer, you have the responsibility to understand and follow pertinent labor regulations and laws. This includes tracking hours worked each week, paying FICA and overtime, and getting insurance for workers compensation, which will help protect you and the caregiver in case an injury occurs on the job. If you don’t adhere to these laws and instead classify your employee as an independent contractor, you could be liable for misclassification. It could be an incredibly costly mistake that leads to back tax payments and other expensive penalties.

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Topics: independent contractor, 1099 v w-2

Nanny Misclassification and the 1099 Mistake

Posted by HomeWork Solutions on 1/10/14 7:28 AM

W-2_(1)Tax season is in full swing, and Americans are preparing to file their annual income tax returns. If you are a household employer - you employ a nanny, housekeeper or senior caregiver - you will find conflicting advice on how to handle the "nanny taxes."

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Topics: household employee, worker misclassification, independent contractor, nanny tax, nanny taxes, 1099 v w-2

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