ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 171: Should All ER Doctors Be Paid W-2 Income?

If we polled all ER doctors in America and asked them, “Which do you think would be financially more beneficial to you, being paid as an employee (W-2) or contractor (1099)?” we suspect ~75% or so would respond that they’d rather be classified as an employee. Well, that wish may come true as new regulation is set to go into effect in March that could challenge all independent contractor job statuses held by non-locum ER doctors which would force them to be restructured as employees.

On today’s episode, we’ll discuss this recent ruling and how EPs could be rallying behind something that could actually be detrimental to their finances.

   

Topics Discussed:   
  • A new employment rule and what it means for ER docs.
  • How opportunity is weighed when it comes to differentiating independent contractor vs. employee.
  • The subjectivity involved and how that will affect the rules.
  • The benefits of remaining an independent contractor and vice versa.
  • Things that are left out of the new ruling—and may make things a bit more confusing.
  • What we see happening as a result of this legislation.

Resources Mentioned:

Tags

1099, employees, independent contractor rule, job status, employment status, employment rules, W-2, contractor work,

by 
Scott Wisniewski, EA