1-30-24 - How to Determine if a Worker Is a Contractor or an Employee

Small Biz Flash

FEATURE
The Department of Labor (DOL) has finalized its new independent contractor rule. There are six factors that you must use to determine if a worker is a contractor or an employee.
The final rule goes into effect on March 11, 2024.
Misclassifying employees as independent contractors can result in lawsuits and penalties, among other costs.
DOL’s Small Entity Compliance Guide to the new rule:
https://www.dol.gov/agencies/whd/government-contracts/small-entity-compliance-guide
Today’s guest is Karen Moss, of Innovative Outsourcing:
Karen’s email: [e-mail]
Karen’s LinkedIn page: https://www.linkedin.com/in/karenemoss/
Innovative Outsourcing web page: https://www.innovative-outsourcing.com/
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NEWS ROUNDUP
1 - Banks report that fraudulent ACH activity is on the rise, and this is a problem for small businesses.
https://www.wsbtv.com/news/local/this-is-modern-day-bank-robbery-banks-say-ach-transfer-fraud-is-rise/VLKVTOBGNJBHNAQBX5MXJYL3HY/
https://fintech.global/2024/01/09/navigating-the-risks-of-ach-payment-fraud-strategies-for-business-safety/
2 - The percentage of small businesses falling victim to cyber attacks is on the rise.
https://www.hiscox.com/documents/Hiscox-Cyber-Readiness-Report-2023.pdf
3 - Small business owners think college graduates entering the workforce don’t have realistic expectations about the working world.
https://www.campusreform.org/article/91-of-small-business-owners-say-colleges-are-giving-students-unrealistic-expectations-for-life-after-graduation-survey/24640
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This podcast is sponsored by SBS Accounting & Advisors. Use the promo code FLASH and get 20% off your set up fee! https://sbsaccountants.com/.
👀 Watch on YouTube: https://www.youtube.com/channel/UCmFHZqDGRbOHXjhpicWuqhg.
📧 Do you want to grow your business? I help small business owners succeed with strategy, marketing, and operations. Email me today at [e-mail] and let’s grow your business together!