Are you making the most of the benefits you’re entitled to?
Compliance can create a fear factor keeping good contractors from going after jobs they feel will bog them down in paperwork. In some cases, it may even prevent them from being able to bid on the jobs they know will help take their business to the next level. But this doesn’t have to be you, because Public Works Consultant is here to help contractors navigate these issues.
Here are three important things to know about maximizing your credits:
Comprehensive Coverage: Are you adding Fringe Benefit Statements for ALL trades involved in your projects? Each trade might have different benefits, and it’s essential to report them accurately.
When complying with mandatory reporting requirements, it’s essential that HR and payroll staff for contractors understand and correctly report the credits awarded to all employees.
Since many contractors use different classifications it is important to keep record of what benefits contractors are taking credits for and the classifications utilized.
One way to do that is to have an educated HR and payroll staff that stays up to date on all the changes—but this isn’t an option for every company.
Another solution is to outsource this reporting to experts in the field, which can be especially helpful if a company is small, employee-owned, and focused on the end results for the building or project owners rather than the mandatory reporting for tax purposes. That’s where a company like Public Works Consultant comes in, to help manage compliance and tackle payroll.
Maximize Your Credits: Many contractors pay for credits without taking full advantage. Are you making the most of the benefits you’re entitled to?
Once fringe benefits are accounted for, companies need to ensure that they are taking full advantage of them. Pre-taxed benefits are not taxable income, so maximizing the reporting of these benefits helps the entire company recognize higher levels of financial success while minimizing tax burden.
Health insurance, life insurance, retirement plans, family benefits packages, stock options, PTO – all these benefits have different implications per employee, and many companies struggle to address all these factors in their reporting.
Hiring someone who specifically deals with compliance and payroll will relieve that burden from many small and growing construction businesses. Public Works Consultant is committed to bringing top-level savings to contractors through dedication to the details of payroll, benefits packages, and reporting. This allows contractors to know their employees are taken care of while their employees work to keep customers and owners satisfied.
Stay Updated: Labor regulations change. Are you submitting new statements after every predetermined wage increase? Keeping your documents updated is key to maintaining compliance.
Because of labor laws change, companies need to submit new statements that reflect each predetermined wage increase—and they need to pay attention to how those changes affect the company’s bottom lines in terms of payroll.
However, company owners and managers have so much on their plates that it can be difficult to keep up with all the changes in labor laws. Hiring a company specializing in payroll compliance is a simple solution to the headaches that can come with proper (or improper) reporting. Public Works Consultant can help with determining prevailing wage classifications, sub-tier contractor compliance, fringe benefits statements, union reports, and most (if not all) aspects of payroll.
Fringe Benefit Statements ensure you are not only compliant but also help in conserving funds by accurately documenting the benefits provided. Misunderstandings in this area can be costly.
A dedicated compliance and payroll specialist will ensure these statements are produced regularly and can save you a fortune in lost benefits or fines for improper paperwork.
Are you concerned about your company’s compliance and payroll needs?
Please contact Public Works Consultant today for a free consultation to learn more about how our full-service labor compliance assistance can meet the needs of your contracting company. Whether you run a small family or employee-owned business or a large company that has stood for generations, we can assist in keeping you compliant.
