Idaho accounting independent contractor agreement template

Idaho Accounting Independent Contractor Agreement

This Idaho Accounting Independent Contractor Agreement ("Agreement") is made and entered into as of this [Date of Execution, e.g., 2024-10-27], by and between:

[Client Full Legal Name], located at [Client Address], hereinafter referred to as "Client," and

[Contractor Full Legal Name], located at [Contractor Address], hereinafter referred to as "Contractor."

1. Scope of Services

The Contractor agrees to provide the following accounting services to the Client in accordance with Idaho business practices:

• Option A: Bookkeeping services, including maintaining accurate financial records using [Accounting Software, e.g., QuickBooks Online], reconciliation of bank accounts, and preparation of journal entries.
• Option B: Preparation of GAAP-compliant financial statements, including balance sheets, income statements, and cash flow statements.
• Option C: Preparation and filing of Idaho state tax returns, including [Specific Idaho Taxes, e.g., Idaho sales tax, Idaho corporate income tax].
• Option D: Payroll processing services, including calculating and remitting payroll taxes, preparing W-2 forms, and filing required Idaho unemployment insurance reports.
• Option E: Internal control review and recommendations for improving financial processes and mitigating risks specific to Idaho businesses.
• Option F: Business entity compliance consulting related to Idaho Secretary of State requirements.
• Option G: Audit support services, including preparing schedules and providing documentation as requested by the Client's auditors.
• Deliverable Content: [Detailed list of deliverables, e.g., monthly financial reports, quarterly tax filings, etc.]
• Schedule and Deadlines: [Specific deadlines for each service, e.g., financial reports due by the 15th of each month]
• Periodic Reporting: [Frequency and format of reports, e.g., weekly progress updates via email]
• Document Retention Policy: [Policy for document storage and destruction, complying with Idaho statutes]

2. Work Location and Access

• Option A: Services will be performed on-site at the Client’s office located at [Client Office Address in Idaho].
• Option B: Services will be performed remotely from the Contractor's location.
• Option C: Services will be performed on a hybrid basis, with [Number] days per week on-site at the Client's office and the remaining days remotely.
• The Contractor will be granted access to [Specific Client Systems, e.g., accounting software, bank accounts] as necessary to perform the services outlined in this Agreement.
• Data Security: The Contractor will comply with all applicable Idaho data security laws and regulations and will implement reasonable measures to protect the confidentiality and integrity of the Client's financial information, including secure transmission and storage of data.

3. Compensation

The Client shall compensate the Contractor as follows:

• Option A: Hourly Rate: [Hourly Rate] per hour.
• Option B: Per Project: [Fixed Fee] per project, as defined in [Project Description].
• Option C: Retainer: [Retainer Fee] per month.
• Option D: Milestone Payments: Payments will be made upon completion of the following milestones: [List of Milestones and Corresponding Payments].
• Payment Schedule: The Client shall pay the Contractor within [Number] days of receipt of an invoice.
• Allowable Pass-Through Costs: The Client will reimburse the Contractor for pre-approved expenses, including [List of Reimbursable Expenses, e.g., software subscriptions, travel expenses], upon submission of receipts.
• Invoicing: The Contractor shall submit invoices to the Client on a [Frequency, e.g., monthly] basis, detailing the services performed and the corresponding fees.
• Idaho State Taxes: The Contractor is responsible for all applicable Idaho state sales taxes and other applicable taxes related to the services provided under this Agreement.
• Late Payment: Payments not received within [Number] days of the due date will be subject to a late payment fee of [Percentage] percent per month.

4. Ownership and Confidentiality

• All work product, supporting materials, and client data related to the services performed under this Agreement are the sole property of the Client.
• Confidentiality: The Contractor agrees to hold all Client information in strict confidence and will not disclose any confidential information to any third party without the Client’s prior written consent. This includes, but is not limited to, financial records, customer lists, and business strategies. The Contractor agrees to comply with Idaho’s Uniform Trade Secrets Act.
• Non-Use: The Contractor will not use any Client information for their own benefit or for the benefit of any third party.
• Data Destruction: Upon termination of this Agreement, the Contractor shall promptly return or securely destroy all Client data and materials in their possession, in accordance with the Client's instructions and applicable laws.
• IRS Circular 230 Compliance: If providing tax-related services, the Contractor agrees to comply with IRS Circular 230.

5. Independent Contractor Status

• It is expressly understood and agreed that the Contractor is an independent contractor and not an employee of the Client.
• The Client shall not be responsible for withholding any taxes from the Contractor’s compensation. The Contractor is solely responsible for paying all applicable Idaho and federal taxes, including income tax, self-employment tax, and unemployment tax.
• The Contractor is not eligible for any employee benefits offered by the Client, including health insurance, paid time off, or retirement plans.
• The Contractor is responsible for obtaining and maintaining all necessary licenses, permits, and insurance required to perform the services outlined in this Agreement, including compliance with the Idaho Board of Accountancy rules if a CPA.
• The Contractor acknowledges that they may be required to provide proof of a workers' compensation waiver acceptable to the Idaho Industrial Commission unless worker's compensation coverage is required by Idaho law due to having employees.

6. Indemnification and Liability

• The Contractor shall indemnify and hold harmless the Client from and against any and all claims, losses, damages, liabilities, costs, and expenses (including attorney’s fees) arising out of or relating to the Contractor’s performance of the services under this Agreement, except to the extent such claims, losses, damages, liabilities, costs, and expenses are caused by the Client’s negligence or willful misconduct.
• Remedies for Missed Deadlines: If the Contractor fails to meet agreed-upon deadlines, the Client may be entitled to [Specific Remedies, e.g., a reduction in fees, liquidated damages].
• Service Quality Defects: If the Contractor’s services are found to be defective or non-compliant, the Contractor shall, at their own expense, correct such defects or re-perform the services.
• Insurance: The Contractor shall maintain professional liability insurance and data breach insurance with coverage amounts of no less than [Amount], referencing applicable Idaho statutes regarding insurance requirements for accounting professionals.

7. Termination

• This Agreement shall commence on [Start Date] and shall continue until [End Date] or until terminated as provided herein.
• Option A: Either party may terminate this Agreement upon [Number] days written notice to the other party.
• Option B: The Client may terminate this Agreement immediately if the Contractor breaches any material provision of this Agreement, including but not limited to violation of Idaho law, CPA ethical breaches, or data breaches.
• Upon termination, the Contractor shall promptly return all Client data and materials in their possession.
• Post-Termination Confidentiality: The Contractor’s obligations regarding confidentiality shall survive the termination of this Agreement.
• Final Fee Settlement: The Client shall pay the Contractor for all services performed up to the date of termination, subject to any applicable deductions for damages or offsets.

8. Dispute Resolution

• The parties shall attempt to resolve any disputes arising out of or relating to this Agreement through good faith negotiation.
• If the parties are unable to resolve the dispute through negotiation, they shall submit the dispute to mediation in [City, Idaho].
• If mediation is unsuccessful, the parties may submit the dispute to binding arbitration in [City, Idaho].
• Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the State of Idaho.
• Venue: Any legal action or proceeding arising out of or relating to this Agreement shall be brought in the courts of [County, e.g., Ada] County, Idaho.

9. Compliance

• The Contractor shall maintain all required licenses and registrations with the Idaho Board of Accountancy and the Idaho Secretary of State (if applicable).
• The Contractor shall comply with all applicable state and federal anti-fraud, anti-money laundering, data privacy, and client due diligence rules.
• The Contractor shall stay current with state-specific regulatory updates relevant to the services provided under this Agreement.
• All services shall be performed in accordance with Idaho ethical standards for accountants and industry best practices. The Contractor shall maintain current continuing education requirements to remain compliant.

10. Entire Agreement

This Agreement constitutes the entire agreement between the parties and supersedes all prior or contemporaneous communications and proposals, whether oral or written, relating to the subject matter hereof.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

[Client Full Legal Name]

By: [Client Signature]

Name: [Client Printed Name]

Title: [Client Title]

[Contractor Full Legal Name]

By: [Contractor Signature]

Name: [Contractor Printed Name]

Title: [Contractor Title]