Effectively manage all your temporary, payrolled, independent contractors, statement of work (SOW), and freelance workforce through our Managed Service Provider (MSP) solution.
What is Independent Contractor Compliance & Management?
An Independent Contractor (often referred to as a 1099) is a self-employed individual performing services for a company under contract whereby the contractor is free to perform their work as they see fit, with limited or no control over the manner in which the work is performed.
Independent Contractor Compliance services assist your company with ensuring your 1099 population is legally compliant when classifying a worker as a contractor. Independent Contractor Management encompasses overseeing the administrative tasks associated with use of these workers including RFx activities, milestone tracking, onboarding and offboarding, reporting, payment, and billing.
About Talent’s Independent Contractor Compliance and Management services reduces your exposure to the risks associated with engaging 1099s and diminishes the administrative burden of managing your 1099 population by leveraging the expertise of our carefully screened and vetted channel partners.
Benefits & Risks Associated with Engaging Independent Contractors
Utilizing Independent Contractors makes both strategic and financial sense for companies and Independent Contractors alike.
- Increase productivity
- Provide internal teams with workload relief
- Take advantage of niche expertise and new technical skills
- Reduce exposure to some types of employment lawsuits
- Save as much as 30% of their payroll costs
- Act as their own boss
- Gain greater control over their work
- Access more flexible work schedules
- Often earn more money than their W-2 employee counterparts
- Exposed to wider variety of projects which accelerates skill building
- Receive several tax benefits not available to W-2 employees
Unfortunately, 1099 engagements aren't always win-win. Complicating matters are the myriad of federal and state laws and regulations that control whether a worker qualifies as an Independent Contractor. In recent years, the government has intensified its focus on worker misclassification to ensure consistent revenue streams, protect workers from unfair business practices and promote a compliant business landscape.
Consequently, for employers, making a misclassification mistake can cost you thousands, if not millions, of dollars in back payroll taxes, minimum wage and overtime penalties, legal costs, and bad press.
About Talent's Comprehensive 1099 Solution
About Talent combines the expertise of our channel partners, industry best practices, and our customer’s internal processes to develop customized 1099 Compliance and Management Services that bring consistency and mitigate the potential risks of engaging independent contractors. Our services include:
- Qualification Recommendation: Conduct a thorough eligibility evaluation and provide a defensible recommendation, complete with documentation.
- Project Lifecycle Management: Management of the entire project lifecycle including RFx activities, onboarding and offboarding, negotiating/executing the SOW, milestone tracking, managing document renewals for long term projects, reporting, payment, and billing.
- Dedicated Service Resources: Tenured employment law experts are dedicated to servicing your 1099 Compliance and Management needs on-site or off-site, based on volume.
- Ongoing Compliance Management: Maintenance of all records, regular re-verification of all Contractor documents and certificates, management of the renewal process, and revalidation of any existing contractors.
- Payroll Services: Retain workers who may not qualify as a contractor through About Talent’s comprehensive payrolling services.
- 1099 Management Training: On-site or virtual educational sessions specifically focusing on 1099 compliance, co-employment, legal updates, and industry best practices to reinforce legitimate business practices.