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Independent Contractor

Contractor payments, 1099 tracking, and compliance

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15 min read

Real Estate Brokerage Bookkeeping in 2026: GCI, Agent Caps, Trust Accounts, and RESPA Compliance

How independent real estate brokerages should set up their chart of accounts in 2026 — separating GCI, agent splits, and franchise royalties into contra-revenue, running three-way trust-account reconciliations, documenting 1099-NEC payouts under IRC Section 3508, defending RESPA Section 8 entries, and accruing E&O self-insured retention reserves so company dollar, audit readiness, and Section 199A QBI all stay visible.

Mike Thrift

real-estatebookkeepingfranchise-bookkeeping
13 min read

Massage Therapy and Wellness Studio Bookkeeping: Booth Rental, Prepaid Packages, Sales Tax, and Tip Credits

A practical guide to the seven bookkeeping decisions that determine whether a massage therapy clinic survives a state labor audit — worker classification under the ABC test, ASC 606 deferred revenue for prepaid packages, retail sales tax on CBD and body care, Section 45B FICA tip credit eligibility, Section 179 expensing, MindBody and Vagaro reconciliation, and insurance prepayments.

Mike Thrift

bookkeepingsmall-businessrevenue-recognition
16 min read

Surviving the Workers' Comp Premium Audit: A Small Employer's Field Guide to NCCI Class Codes, Officer Elections, Overtime Carve-Outs, and Subcontractor Traps

Workers' compensation premium is recalculated every year using your actual payroll, and unprepared small employers routinely owe five-figure true-ups. This guide walks through the NCCI premium formula, the standard exception rules, the overtime carve-out math, owner and officer exclusion forms, the subcontractor COI rules that trigger the largest audit hits, and how to dispute a Final Audit Statement.

Mike Thrift

small-businessauditpayroll
12 min read

DOL Independent Contractor Final Rule: The Six-Factor Economic Realities Test and What Small Businesses Must Document in 2026

The 2024 DOL Independent Contractor Final Rule and its six-factor economic realities test still govern FLSA worker classification in private lawsuits despite the May 2025 enforcement pause. Small businesses that misclassify employees face back wages of two to three years, liquidated damages, civil penalties above $2,300 per violation, and IRS payroll tax exposure—risks that clean bookkeeping and contemporaneous documentation are built to defend against.

Mike Thrift

independent-contractorcompliancesmall-business
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