Main Line: 479.443.2705
Fax Line: 479.443.2718
Email: info@rmp.law
Bentonville – 479-553-9800
Jonesboro – 870-394-5200
Little Rock – 501-954-9000
Start the new year with peace of mind by reviewing or creating your estate plan! As life evolves, so should your approach to protecting your assets and loved ones.
Our latest blog breaks down key areas to focus on:
If you’re new to estate planning, don’t worry—our step-by-step guide will help you get started. The beginning of the year is the perfect time to act. Secure your legacy and protect what matters most with guidance from RMP's experienced estate planning attorneys.
On Tuesday, the Federal Trade Commission issued a new Rule putting an end to employment-related non-compete clauses. In its justification for the rule, the FTC called non-compete clauses “an unfair method of competition” and stated it is a “violation for [employers] to… enter into non-compete clauses (“non-competes”) with workers.” In today’s very competitive labor market, the new FTC Rule creates a significant disruption for employers.
This new FTC provision—set to take effect in 120 days—renders existing non-compete agreements unenforceable. Existing non-compete agreements with senior executives will remain enforceable, although employers cannot require newly hired senior executives to sign such an agreement.
After the Rule takes effect, employers are required to deliver personal notice to employees (past and present) who signed a non-compete agreement informing them agreements are no longer enforceable. In the notice, employers must inform employees they are free to accept any job or start any business, even if it is directly competitive with the employer.
Compliance with the FTC Rule is not optional. Employers should consider new ways they can protect against a former employee gaining a competitive advantage by using the employer- provided training, the relationships made possible by the employer, or the confidential information learned from the employer. RMP can assist you in navigating this disruption and can provide advice on how to most effectively protect your vital business interests going forward.
RMP Attorneys At Law has an experienced Employment Law Attorney team dedicated to helping you navigate these changes. If you have any questions or would like guidance, reach out to one of our employment attorneys, Tim Hutchinson, Seth Haines, Larry McCredy, or Taylor Baltz or call 479.443.2705.
If you started a freelance career or are earning income from investments in 2024, you will need to complete a W-9 for the 2024 tax filing season. This form is an essential component of tax compliance, ensuring you and the entities paying you meet IRS requirements. Let’s explore what the W-9 is, who needs to complete it, and how it fits into the bigger picture of your financial responsibilities.
The W-9 form, formally called the “Request for Taxpayer Identification Number and Certification,” serves a crucial purpose: it provides your Taxpayer Identification Number (TIN), and other relevant information, to a payer who must report income paid to you. Whether you’re a freelancer, contractor, or investor, this form acts as a bridge between you, the payer, and the IRS.
Unlike employee forms like the W-4, the W-9 does not address ordinary matters of tax withholding and does not generally instruct the payer to withhold income tax from your pay. Instead, you are responsible for managing and paying your taxes, often through quarterly estimated tax payments.
If you anticipate owing $1,000 or more in taxes on income that is not subject to withholding (e.g., salary and wages), paying your estimated quarterly taxes is generally necessary to prevent unforeseen tax penalties.
You’ll likely need to complete a W-9 if you:
The payer—whether a client, financial institution or other entity—uses the W-9 details to prepare forms like the 1099-NEC (Nonemployee Compensation) or 1099-INT (Interest Income), which are provided to you, the payee, for tax reporting purposes.
Filling out a W-9 is straightforward, but accuracy is critical. Here’s how to get it right:
Keep your W-9 updated. If you change your name, address, or TIN, notify the payer promptly to avoid delays or misreporting.
While the W-9 isn’t filed with the IRS, it’s instrumental in tax reporting. Here’s how it connects to your taxes:
Remember, while you can generally rely on the amounts reported on 1099 forms, you are taxed on the income you receive, not simply what is reflected on a 1099 form. If you believe a mistake has been made on a 1099 you receive, you should try to obtain a corrected 1099 form.
Failing to provide a correct TIN could result in backup withholding, where the payer withholds 24% of your payments for taxes.
Retain copies of your completed W-9 forms for reference.
Independent contractors should account for self-employment taxes and income taxes.
Expenses like office supplies, software, and travel costs can help lower your taxable income.
Understanding the W-9 form and its role in your tax obligations can make a big difference in managing your financial life. Completing the form accurately and staying proactive with tax planning will ensure compliance and reduce stress come tax season.
If you have questions or need guidance, contact an RMP tax professional to help you confidently navigate the process.
Tax Law
Tax Law & Tax Planning
Tax Law & Tax Planning
Tax Law & Tax Planning
Tax Law & Tax Planning
Tax Law & Tax Planning
Tax Law & Tax Planning
Tax Law & Tax Planning
Tax Law & Tax Planning
Tax Law & Tax Planning
Tax Law & Tax Planning
Tax Law & Tax Planning
Tax Planning
If you started a freelance career or are earning income from investments in 2024, you will need to complete a W-9 for the 2024 tax filing season. This form is an essential component of tax compliance, ensuring you and the entities paying you meet IRS requirements. Let’s explore what the W-9 is, who needs to complete it, and how it fits into the bigger picture of your financial responsibilities.
The W-9 form, formally called the “Request for Taxpayer Identification Number and Certification,” serves a crucial purpose: it provides your Taxpayer Identification Number (TIN), and other relevant information, to a payer who must report income paid to you. Whether you’re a freelancer, contractor, or investor, this form acts as a bridge between you, the payer, and the IRS.
Unlike employee forms like the W-4, the W-9 does not address ordinary matters of tax withholding and does not generally instruct the payer to withhold income tax from your pay. Instead, you are responsible for managing and paying your taxes, often through quarterly estimated tax payments.
If you anticipate owing $1,000 or more in taxes on income that is not subject to withholding (e.g., salary and wages), paying your estimated quarterly taxes is generally necessary to prevent unforeseen tax penalties.
You’ll likely need to complete a W-9 if you:
The payer—whether a client, financial institution or other entity—uses the W-9 details to prepare forms like the 1099-NEC (Nonemployee Compensation) or 1099-INT (Interest Income), which are provided to you, the payee, for tax reporting purposes.
Filling out a W-9 is straightforward, but accuracy is critical. Here’s how to get it right:
Keep your W-9 updated. If you change your name, address, or TIN, notify the payer promptly to avoid delays or misreporting.
While the W-9 isn’t filed with the IRS, it’s instrumental in tax reporting. Here’s how it connects to your taxes:
Remember, while you can generally rely on the amounts reported on 1099 forms, you are taxed on the income you receive, not simply what is reflected on a 1099 form. If you believe a mistake has been made on a 1099 you receive, you should try to obtain a corrected 1099 form.
Failing to provide a correct TIN could result in backup withholding, where the payer withholds 24% of your payments for taxes.
Retain copies of your completed W-9 forms for reference.
Independent contractors should account for self-employment taxes and income taxes.
Expenses like office supplies, software, and travel costs can help lower your taxable income.
Understanding the W-9 form and its role in your tax obligations can make a big difference in managing your financial life. Completing the form accurately and staying proactive with tax planning will ensure compliance and reduce stress come tax season.
If you have questions or need guidance, contact an RMP tax professional to help you confidently navigate the process.
Tax Law
Tax Law & Tax Planning
Tax Law & Tax Planning
Tax Law & Tax Planning
Tax Law & Tax Planning
Tax Law & Tax Planning
Tax Law & Tax Planning
Tax Law & Tax Planning
Tax Law & Tax Planning
Tax Law & Tax Planning
Tax Law & Tax Planning
Tax Law & Tax Planning
Tax Planning
Main Line: 479.443.2705
Fax Line: 479.443.2718
Email: info@rmp.law
Bentonville – 479-553-9800
Jonesboro – 870-394-5200
Little Rock – 501-954-9000
JOHNSON
5519 Hackett Street, Suite 300
Springdale, AR 72762
BENTONVILLE
809 SW A Street, Suite 105
Bentonville, AR 72712
JONESBORO
710 Windover Road, Suite B
Jonesboro, AR 72401
LITTLE ROCK
11601 Pleasant Ridge, #301,
Little Rock, AR 72212