Audits involving independent contractors have lately faced heavy scrutiny from agencies such as the IRS, U.S. Department of Labor, state wage and hour divisions, state unemployment, and worker’s compensation. Current laws, while relatively specific, leave much to chance, and government regulators look to the darker side while auditing employer records of employee payroll and IC payments.
In many cases, these agencies are in collaboration with one another. Each agency may differ in methods, interpretations, and statute of limitations, which places employers in a vulnerable position. A company that may think it is compliant could be exposed to fines, penalties, and assessments amounting to hundreds of thousands of dollars.
While providing financial audit services for your clients, you may find that they have poor record maintenance. Record maintenance is key, as are job descriptions, Independent Contractor Agreements, and all documents. As a CPA, you understand the steep violations for not maintaining proper record keeping, that even a single wage claim or unemployment insurance claim from an independent contractor could trigger multiple agency audits for your client.
While you may be aware of the issues at hand, it is unlikely that you will be able to assist your clients on your own. CPAs are required by professional standards and by law to maintain independence in both fact and appearance from the clients they attest. If one of your clients is hit with a wage hour claim, do not put your clients at risk. Contact Consultech to represent and assist your clients. We are prepared to handle multi-state wage hour compliance and representation, to respond to and dispute wage hour claims, and to attend mediation hearings or settlement hearings and conferences. We are also prepared to assist them in assembling the proper documentation for all IC and employee relationships. Our specialists have over 30 years of experience in dealing with these specific matters from both the employee perspective and the independent contractor perspective. Consultech has a track record that is at times far superior to that of law firms and that is generally far more affordable than what law firms will charge. Let us help you help your CPA clients. Contact us at:
Call: (800) 769-2994
Email: [email protected]