Business finance terms, explained simply.
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1099 compliance encompasses the requirements for properly classifying, documenting, and reporting payments to independent contractors, including collecting W-9 forms, applying correct worker classification tests, issuing 1099-NEC forms by deadline, and maintaining documentation supporting contractor status.
Read moreA 1099 contractor is an independent contractor who receives a Form 1099-NEC for payments of $600 or more during the year.
Read moreForm 1099-NEC, Nonemployee Compensation, is the IRS form businesses use to report payments made in the course of business to someone who is not an employee for services, such as an independent contractor or freelancer.
Read moreA 401(k) plan is an employer-sponsored retirement plan that lets employees contribute part of their pay to individual retirement accounts, often with an employer contribution.
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