Iowa accounting independent contractor agreement template

Iowa Accounting Independent Contractor Agreement

This Iowa Accounting Independent Contractor Agreement (the "Agreement") is made and entered into as of [Date] by and between:

[Client Full Legal Name], located at [Client Address], Iowa ("Client"), and

[Contractor Full Legal Name], located at [Contractor Address], Iowa ("Contractor").

1. Scope of Services

Contractor agrees to provide the following accounting services to Client:

Option A: Preparation of financial statements in accordance with GAAP, including balance sheets, income statements, and statements of cash flows for [Specific Period, e.g., monthly, quarterly, annually]. Deliverables will be in [Format, e.g., PDF, Excel] and due by the [Day] of the following month. Performance will be measured by accuracy and adherence to GAAP standards.

Option B: General ledger management, including recording transactions, reconciling accounts, and maintaining supporting documentation. Key milestones include monthly reconciliations of all bank accounts and accurate posting of all transactions. Service reporting frequency will be [Frequency, e.g., weekly, monthly].

Option C: Payroll processing services, including calculating wages, withholding taxes (Iowa and Federal), and preparing payroll tax returns. Includes filing all required Iowa payroll tax returns. Deliverables include payroll reports and tax filings.

Option D: Tax planning and preparation services, including federal and Iowa income tax returns (Form 1040-ES, IA 1040-ES for quarterly Iowa estimated taxes), sales tax compliance ([Specify Iowa Sales Tax Requirements]), and state and local tax filings.

Option E: Audit support, including preparing schedules, gathering documentation, and assisting with auditor inquiries.

Option F: Other accounting services as specified in [Exhibit A] attached hereto.

2. Work Location

Option A: Services will be performed remotely from Contractor's office.

Option B: Services will be performed on-site at Client's business address: [Client Business Address], Iowa. Contractor will have access to [Specify Areas, e.g., accounting office, server room].

Option C: Services will be performed at [Specific Iowa Location].

Option D: Contractor will use Client's equipment: [Specify Equipment].

The contractor will comply with all client's data security standards relevant to accounting work, including restricted access to sensitive financial data and protection of personal information.

3. Compensation

Client shall compensate Contractor as follows:

Option A: Hourly rate of [Dollar Amount] per hour for all hours worked.

Option B: Flat fee of [Dollar Amount] per [Period, e.g., month, project].

Option C: Per project fee as detailed in [Exhibit B] attached hereto.

Option D: Retainer of [Dollar Amount] per month, billed [Billing Cycle, e.g., monthly, quarterly].

Invoices shall be submitted [Frequency, e.g., monthly, bi-weekly], with payment due within [Number] days of receipt. All invoices must include supporting documentation. Late payment fee of [Percentage]% per month will be assessed on overdue amounts. Disputes must be raised within [Number] days of invoice receipt.

4. Independent Contractor Status

Contractor is an independent contractor and not an employee of Client. Contractor is responsible for all self-employment and payroll taxes (Iowa and Federal), professional liability insurance, workers’ compensation (or waiver consistent with Iowa law), and all other regulatory compliance obligations, including state-level tax registration if required. Contractor acknowledges that Client will not withhold any taxes from payments made to Contractor.

5. Ownership and Confidentiality

All work product, data, and documentation created by Contractor in connection with this Agreement shall be owned by Client. Client data retention requirements for accounting records conform to Iowa law. Contractor shall maintain strict confidentiality and data privacy in accordance with Iowa statutes and CPA professional standards. Contractor shall not disclose or use any client information without prior written consent.

6. License and Qualifications

Option A: Contractor is a licensed Certified Public Accountant (CPA) in the State of Iowa, License Number [License Number].

Option B: Contractor possesses the following qualifications relevant to the services provided: [List Qualifications].

Contractor shall maintain compliance with the Iowa Accountancy Examining Board and continuing professional education requirements.

7. Subcontracting

Contractor shall not subcontract or assign any work under this Agreement without the prior written consent of Client, except where allowed by Iowa law and with specified conditions.

8. Liability

Contractor shall be liable for breach of contract, including nonperformance, late deliverables, errors or omissions in accounting work, negligence, data breaches, or violation of state or federal regulations. Client’s remedies include monetary damages, specific performance, and injunctive relief. Contractor shall indemnify Client against any losses arising from Contractor's actions. Contractor maintains [Specify Insurance, e.g., Errors and Omissions] insurance coverage. Limitation of liability shall not exceed [Dollar Amount].

9. Conflicts of Interest and Non-Compete

Contractor shall promptly notify Client of any potential conflicts of interest. Contractor agrees to not solicit clients of Client, or perform similar services for clients who compete with Client within [Number] miles of [Client Location] for a period of [Number] months after termination of this agreement. This is consistent with Iowa law.

10. Amendment and Record Keeping

This Agreement may be amended only in writing, signed by both parties. Contractor shall maintain accurate records of all services performed and expenses incurred. Client has audit rights, subject to reasonable notice. Iowa-specific retention periods for accounting documents apply.

11. Termination

This Agreement may be terminated as follows:

Option A: Upon completion of the services.

Option B: By mutual written agreement of both parties.

Option C: By either party upon [Number] days written notice for breach of contract.

Upon termination, Contractor shall deliver all work product to Client, settle all outstanding payments, and securely return or destroy client data.

12. Governing Law and Dispute Resolution

This Agreement shall be governed by the laws of the State of Iowa. Any dispute arising under this Agreement shall be resolved in the state or federal courts located in [County Name] County, Iowa, or via arbitration in Iowa. Dispute resolution shall proceed from good-faith negotiation to mediation and then arbitration or litigation.

13. Compliance Representations

Contractor represents and warrants that they are in compliance with all applicable Iowa and federal laws, including privacy, data protection, anti-fraud, anti-money laundering, and professional CPA standards. Contractor further represents and warrants that there are no pending investigations or regulatory actions that would impact their ability to perform accounting services in Iowa.

14. Non-Discrimination

Contractor shall comply with all applicable non-discrimination and equal opportunity laws of Iowa and the United States.

15. Intellectual Property

Client retains all intellectual property rights related to their business. The Contractor retains all intellectual property rights to their methods and accounting systems, provided that Client can use any software used to generate reports with their data.

16. Right to Work

Contractor represents that they have the legal right to work in the United States.

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

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[Client Full Legal Name]

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[Contractor Full Legal Name]