As many of you may be aware, NJ has recently passed new laws that drastically change the dynamics regarding the classification of workers. Many workers and even businesses that you have been paying as subcontractors or vendors and reporting with a 1099-MISC form will now be required to be classified as employees with compensation reported as wages on a W-2. This means dealing with payroll tax withholding and payroll tax reporting.
Although the laws have been passed the rules have not yet been re-written and released by the NJ Division of Taxation, so stay tuned to this website for a more detailed analysis in the coming weeks….
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