"Are you committing Payroll Fraud...No longer about Compliance"
Are you utilizing Independent Contractors in your Business? "....when will it be your turn before the IRS comes knocking?"
Are you utilizing Independent Contractors in your Business?
You are not the only company or business utilizing IC's.... but when will it be your turn before the IRS comes knocking? What will they find for this year, last year, the year before that......Listen folks it will happen eventually on some level whether it is Local, State or Federal. How many 1099's do you issue each year?
Most companies just like yourself know the benefits of utilizing IC's but those benefits can now be a detriment to your business unless you learn how to properly procure, contract, perform quantitative and consistent vetting practices, on-boarding and proper classification of IC's.
More and more people are out of work and the Department of Labor (DOL)is paying attention. When your IC completes their assignment with your company the DOL will want to know what company they were working at last to file Unemployment benefits. If they mention your name, even though they were contractors with you, that’s when the roller coaster begins for your business. It does not matter that they were IC's, if they state your business name, the the DOL will report your business to the State for payroll fraud. All it takes is one for your business to be scrutinized. How many IC's do you conduct business with?
“I didn’t feel like an independent contractor. I didn’t feel like my own boss,” Mr. Elienberg said. “I always believed I was an employee. It’s a win-win situation for them and a lose-lose for us. We didn’t get overtime, sick days, vacations, health insurance or pensions.” nytimes.com
Employee or independent contractor? White House budget depends on the answer!
The most misunderstood conception is "We are fine because our IC is Incorporated or has a contract in place". That is completely false! Another one is "Well, our HR department will handle this"....not the case in most majority of instances. Avoid the headaches of trying to figure out how to handle your IC's. We can offer you a proven quantitative consulting assessment and/or full solution.
We can help mitigate your risk and help you sleep at night.
