Mitigate the Compliance Risk of Misclassifying Contract Employees
The importance of correctly classifying employees is at an all time high, especially in light of the changing government regulations regarding the Patient Protection and Affordable Care Act (PPACA) and the Internal Revenue Service’s (IRS) claim to be more vigilant against companies that don’t meet contract employee classification requirements.
Misclassifying W-2 employees as 1099 independent contractors may result in unwanted IRS audits that can leave employers responsible for the tax liabilities and penalties. It also can leave employers responsible for paying back taxes and penalties associated with the PPACA if they are found to have misclassified employees.
Faststream Recruitment Group helps address these concerns by assuming the compliance risk associated with temporary, temp-to-hire and interim employees. By directly employing contract workers, Faststream eases uncertainty around classification status and assumes all risk for tax liability, insurance (health and liability) and benefits.
Not sure if you are misclassifying employees and are at risk of an IRS audit? Click here to determine the differences between an employee and independent contractor to ensure you are meeting IRS guidelines.
Enlisting the resources of a staffing firm can ease uncertainty regarding contract employees. For more information on how Faststream can help your company become compliant, contact our Houston office on 713-636-9514, our Fort Lauderdale office on 954-467-9611 or alternatively email firstname.lastname@example.org