Small Business Owners! This Department of Labor Final Ruling COULD COST YOU MONEY! 💰💰💰

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On January 10, 2024, the Department of Labor published a final rule, effective March 11, 2024, revising the Department's guidance on how to analyze who is an employee or independent contractor under the Fair Labor Standards Act (FLSA). This final rule rescinds the Independent Contractor Status under the Fair Labor Standards Act rule (2021 IC Rule), replacing it with an analysis for determining employee or independent contractor status that is more consistent with the FLSA as interpreted by longstanding judicial precedent.

Most small business owners utilize independent contractors. In fact, in a 2020 Census survey of U.S. businesses, 33% of companies reported using independent contractors and 50% reported using part-time workers.

If your business uses independent contractors, NOW is the time to review your contracts with your trusted business lawyers. Contact Fausone & Grysko, PLC today! [phone]