South Carolina accounting independent contractor agreement template

South Carolina Accounting Independent Contractor Agreement

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

• [Client Name], with a business address at [Client Business Address], hereinafter referred to as "Client,"

and

• [Independent Contractor Name], with a business address at [Independent Contractor Business Address], and, if applicable, a CPA license number of [CPA License Number], hereinafter referred to as "Contractor."

1. Scope of Services

The Contractor agrees to provide the following accounting services to the Client:

• Option A: Bookkeeping services, including maintaining accurate financial records per South Carolina requirements.
• Option B: Preparation of financial statements in accordance with GAAP and applicable South Carolina laws.
• Option C: Payroll services, including processing payroll and filing related tax returns with the South Carolina Department of Revenue.
• Option D: Tax planning and filing services per federal and South Carolina tax regulations.
• Option E: Audit support, including preparation of schedules and documentation for external auditors.
• Option F: Internal controls consulting, focusing on best practices for South Carolina businesses.
• Option G: Compliance with federal and South Carolina regulations specific to the accounting profession.
  • Further detail: Services shall be performed in accordance with the [specific standards or codes, e.g., AICPA Professional Standards]

2. Deliverables and Timelines

The Contractor shall provide the following deliverables according to the following schedule:

• Option A: Monthly financial reports, due by the [Date] of each month.
• Option B: Quarterly payroll tax filings, due by the applicable deadlines set by the South Carolina Department of Revenue.
• Option C: Annual tax returns, due by the applicable deadlines set by the IRS and the South Carolina Department of Revenue.
• Option D: Other deliverables as mutually agreed upon in writing.

3. Work Location and Access

The services will be performed:

• Option A: Remotely.
• Option B: Onsite at the Client's location at [Client Business Address].
• Option C: A combination of remote and onsite work as mutually agreed upon.

Access to client financial systems:

• The Contractor will require access to [Specific Client Systems] with appropriate security protocols in place.
• All data transfers will be conducted securely, and client data privacy will be protected in accordance with the AICPA standards and South Carolina's Personal Information Privacy Protection Act.

4. Compensation and Payment

The Client shall compensate the Contractor as follows:

• Option A: Hourly rate of [Hourly Rate] per hour.
• Option B: Retainer fee of [Retainer Fee] per month.
• Option C: Fixed project fee of [Fixed Project Fee] for the completion of [Specific Project].
• Option D: Value-based compensation as agreed upon.

Payment Schedule:

• Invoices will be submitted [Frequency of Invoicing, e.g., monthly].
• Payments are due within [Number] days of invoice receipt.
• Late payment penalty: A late payment fee of [Percentage]% per month will be applied to overdue invoices.

5. Confidentiality

The Contractor shall maintain the confidentiality of all Client information in accordance with South Carolina's Uniform Trade Secrets Act and the Code of Professional Conduct for CPAs. This includes, but is not limited to, financial data, business practices, and client lists.

6. Independent Contractor Status

The Contractor is an independent contractor and not an employee of the Client. The Contractor is responsible for all self-employment taxes, social security, and withholding. The Contractor is not eligible for any Client employee benefits. The Contractor will provide their own South Carolina Workers' Compensation Insurance policy, if applicable.

7. Licenses and Insurance

The Contractor possesses a valid South Carolina CPA license (if required) and maintains appropriate professional liability insurance, including Errors & Omissions coverage, with a minimum coverage amount of [Coverage Amount].

8. Subcontracting

The Contractor shall not subcontract or delegate any work under this Agreement without the prior written consent of the Client.

9. Ownership of Work Product

All work product, client records, and work papers are owned by the Client, subject to the Contractor's right to retain copies as necessary for professional standards compliance.

10. Conflict of Interest

The Contractor shall disclose any potential conflicts of interest to the Client promptly.

11. Professional Standards

The Contractor shall perform all services in accordance with generally accepted accounting principles (GAAP), South Carolina tax code, and CPA professional conduct standards.

12. Indemnification

• Option A: Client Indemnification: The Client shall indemnify and hold harmless the Contractor from and against any and all claims, losses, and expenses arising out of or relating to the Client's acts or omissions, except to the extent such claims, losses, or expenses are caused by the Contractor's negligence or willful misconduct.
• Option B: Contractor Indemnification: The Contractor shall indemnify and hold harmless the Client from and against any and all claims, losses, and expenses arising out of or relating to the Contractor's negligence or willful misconduct.

13. Breach and Default

In the event of a breach of this Agreement, the non-breaching party shall provide written notice to the breaching party. The breaching party shall have [Number] days to cure the breach. Failure to cure the breach may result in termination of the Agreement.

14. Termination

• Option A: This Agreement shall commence on [Start Date] and continue until [End Date].
• Option B: This Agreement may be terminated by either party with [Number] days written notice.
• Option C: This Agreement may be terminated immediately for cause, including but not limited to, suspension of the Contractor's CPA license or criminal activity.

Upon termination, the Contractor shall transfer all client data to the Client and provide a final settlement invoice.

15. Dispute Resolution

Any disputes arising out of or relating to this Agreement shall be resolved through negotiation and mediation in South Carolina. If mediation is unsuccessful, the dispute shall be submitted to binding arbitration in accordance with the rules of the American Arbitration Association. The venue for arbitration shall be [City, County], South Carolina. This agreement is to be governed by the laws of the State of South Carolina.

16. Compliance with Laws

The Contractor shall comply with all applicable federal and South Carolina laws and regulations, including but not limited to requirements of the South Carolina Department of Revenue, Secretary of State's registration (if applicable), and IRS 1099-MISC reporting procedures.

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

____________________________
[Client Name]

____________________________
[Independent Contractor Name]