Do we need workmans compensation ins
We have a workmans comp policy in affect and with 3 employees the policy premium out of control we would like to go 1099 and eliminate the wc policy
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4 Replies
sunremserv
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10/20/09 7:43am PDT
( Disclaimer: Do not consider this LEGAL advice. I am not a lawyer.)
I appreciate the high costs attached with this issue, but before you jump off the deep end, make sure you understand the ramifications of employees vs. independent contractors. I suggest starting with this IRS info.
Deni
Denise Burke
CopperCanyonTax
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Allstar
Advisory council of community power users.
10/20/09 5:20pm PDT
I just received an article that listed 10 or 12 more states doing audits on this very thing. I'm pretty sure if you have employees and then you don't, you'll move to the front of the list to be audited. The fines were up to $5000.00 plus all back taxes and insurance.
Marc Barnes
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Marc R Barnes
Copper Canyon Tax and Financial Services
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Copper Canyon Tax and Financial Services
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sunremserv
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10/20/09 6:20pm PDT
I believe you. Switching like that has to be a red flag.
Denise Burke
11/20/09 11:02am PST
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It never hurts to get comparison quotes, or even to reach out to your existing workers' comp carrier to check and make sure your employees are being classified correctly in calculating the premium.
Some carriers now offer "pay as you go" policies that enable you to spread out the payments to help with cash flow (perhaps your existing carrier offers such an option).
Intuit has posted information on services that work with QuickBooks Payroll at http://payroll.intuit.com/workerscomp/
Hope this helps!
