DOL Withdraws Independent Contractor Rule; Creates ‘Uncertainty’ for Independent FAs

May 11, 2021 by Alex Padalka

The Department of Labor says it’s withdrawing a Trump-era rule on the distinction between employees and independent contractors.

The rule, which was finalized during the last few weeks of the Trump administration and was due to go into effect on Friday, reaffirmed an “economic reality” test to assess whether someone is an independent contractor or an employee and pinned the distinction to the nature and degree of control over the work and the person’s opportunity for profit or loss. Click HERE to read the full story via Financial Advisor IQ

Originally Posted at Financial Advisor IQ on May 6, 2021 by Alex Padalka.