Who's Online
1 registered (Mountain Girl), 11 Guests and 1 Spider online.
Key: Admin, Global Mod, Mod
Career Step Ad
Forum Stats
6951 Members
12 Forums
3410 Topics
13133 Posts

Max Online: 175 @ 09/26/12 04:59 PM
Medword Picks

Topic Options
#9291 - 05/07/06 11:55 PM IRS requirements for subcontractors
BarbieW Offline

Registered: 07/20/04
Posts: 11
Loc: Tallahassee, FL
Where can I find the IRS requirements for independent medical transcription contractors? Can an employee of a medical transcp. svc. also be a transcriptionist for the same company at the same time? Are medical transcribers required to establish a business name, be licensed and insured to work at home? Thanks.

#9292 - 05/08/06 08:53 AM Re: IRS requirements for subcontractors
kkb Offline
Pinnacle Gabber

Registered: 07/24/99
Posts: 1552
Loc: Maine
Hi Barbie,

I'm not an IRS expert, but I know a little after being an IC for almost 10 years.

First, you don't have to have a business name unless you want one. A sole proprietorship is a lot simpler than incorporating, which is fine for a sole person operation. You need to check with the State and your local municipality about a business license--they aren't required in my state, but they could be in yours. You don't have to be insured, but there is omissions and errors insurance. I don't know how litigious Florida is.

The employee/IC for the same company is a tricky issue because it might be difficult to differentiate between employee/IC status.

There are no specific IRS rules for MTs, but there are tests to determine whether one is an employee or an IC. Your state might even have more stringent rules (mine does). Check out www.irs.gov and search for independent contractor and see what you get as far as their rules go.

Hopefully someone else knows more about this than what I've picked up along the way!

Good luck!
kkb (Karyn), who considers herself a newbie and still remembers what it was like to be a newbie!


Moderator:  SOMara 
Browser Downloads

Download Microsoft Internet ExplorerDownload SafariDownload FirefoxDownload Chrome
Medword space gif

Career Step Ad
Top Posters
kkb 1552
SOMara 1309
cmt 835
judymae 471
Lakelife 447
Shout Box

(Views)Popular Topics
At-Home Professions course? 16948137
Allied School Study Buddies 336363
Introduce myself 288765
Quiz 30 -AHP 147332
At Home Professions - Quiz 30 95047
Pet Peeves 71726
Current List of medications 69322
At-Home Professions course? 68229
What are your 5 favorite movies of all time? 63874

Medword link to Career Step