Changing Independent Contractor Rules Explained

Charles J Read is a CPA, USTCP, author of The Payroll Book: A Guide for Small Businesses and Startups, and the Founder of GetPayroll.

The U.S. Department of Labor (DOL) has proposed new rules — for comment by the public — that change the definition of what constitutes being an independent contractor. The gig economy continues to force administrative, legislative and judiciary modifications to keep up with the changing economy. The rules are intended to simplify the determination of who is an independent contractor and who is not. 

The DOL estimates that more than half of adult workers will be affected by these rules over their working careers. It also estimates savings for employers and independent contractors will be close to a half billion dollars a year. Although the reality may be that the new rules don’t save employers any money, they will shake up the whole classification process.

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Prop 19 Property Reassessment Measure Explained

 Prominent Prop 19 supporters include Gov. Gavin Newsom (Getty, iStock)
Prominent Prop 19 supporters include Gov. Gavin Newsom (Getty, iStock)

$57 million.

That’s how much Proposition 19 supporters have spent to persuade voters to approve the ballot question. According to state records, over $51 million has come from the California Association of Realtors, while the National Association of Realtors pitched in nearly $5 million.
What have opponents spent? Zero.

Under existing state law, virtually all homes in California have their values reassessed after being purchased.

Prop 19 would allow anyone over 55, severely disabled, or the victim of wildfires to move into a new home but be taxed based on their old assessment.

Take a 57-year-old who bought a house in 2000 that was assessed then at $100,000. If she buys a house this year for $1 million, her tax bill will be the same as it was on the old home based on its 20-year-old assessment.

Despite such tax

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Real Estate Statistics Explained

Basic Real Estate Statistics Explained

We are going to define some of the basic real estate statistics that get thrown around on a regular basis. To do that, we will use one real estate market, located in Hood County Texas. Even more granular, we will use the single family numbers for homes in Granbury Tx, a small town of approximately 8,000 residents which has seen substantial real estate growth in the past 12 months. It is important when reviewing real estate statistics to use a group of numbers large enough for consistency, but granular enough to tell your story.

The statistics that we will be referencing are true and accurate for the year discussed but are being used to define the real estate statistic itself.

We have chosen Granbury Tx as our example because the growth of the local real estate market there make the statics stand out.

Anytime you … Read More