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027: §530 Safe-Harbor Relief (§530 of the Revenue Act of 1978) - published 09/15/2020 image

027: §530 Safe-Harbor Relief (§530 of the Revenue Act of 1978) - published 09/15/2020

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6 Plays1 year ago

How §530 of the Revenue Act of 1978 Protection Works: 

§530 safe harbor provisions allow protection from liability or payment if the person or business can show a good faith effort to comply with the law. Typically, this means compliance with three (3) specific requirements. "§530 Safe-Harbor Relief" lists three requirements for receiving a "safe harbor" exemption. All three must be present:

1. Consistently prepared 1099-NEC/1099-MISC forms, each year, for all the workers in this case (Reporting Consistency).

2. Treated all similar workers as Independent Contractors (Substantive Consistency)

3. Can show treating the workers as Independent Contractors is an industry-standard (Reasonable Basis)

https://uscode.house.gov/view.xhtml?req=(title:26%20section:7436%20edition:prelim)

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