Description

Business PowerHour will be held Tuesday, November 19th from 11:30 a.m. – 1:00 p.m. Lunch and Networking at 11:30 a.m. and the presentation begins at 11:45 a.m. Our Guest Speakers are Sam Cates, CPA, CGMA with JRBT and Vicki Stalnaker, CPA,CPP with Payroll Systems, LLC.

TOPIC: "Wages, Workers, and 1099's: What the New Rules Mean for Businesses” 

During this presentation we will explore the latest changes in employee classification, overtime exemptions and 1099 reporting requirements and how businesses should adapt.

In this session, you will learn:

1. Enhanced Employee Classification Framework: Understand the new DOL standards for determining employee vs. independent contractor status, with emphasis on the six-factor “economic realities” test, impacting eligibility for benefits and protections.

2. Overtime Exemption Salary Thresholds: Prepare for changes in salary requirements for exempt status under the FLSA, which will increase incrementally, requiring employers to either adjust pay levels or reclassify affected employees.

3. Implications of the 1099-K Reporting Threshold Change: Familiarize yourself with the reduced 1099-K reporting threshold for payment platforms and how it impacts reporting obligations for contractors and gig workers.

4. Compliance Strategies for 2024 and Beyond: Develop a proactive approach to managing compliance by auditing employee classifications, updating employment agreements, and implementing new payroll practices to mitigate risk under the updated regulations.

5. State vs. Federal Requirements: Recognize the need for dual compliance where state laws differ from federal rules, such as states with the ABC test for contractors or unique overtime standards.

6. Practical Actions for Business Adaptation: Gain insights into budget adjustments, workforce restructuring, and best practices for onboarding contractors under new reporting and classification guidelines to avoid misclassification penalties and liabilities.