There are several regulations that carry strict penalties if a business fails to follow them. One of the harshest set of penalties are those incurred by failing to follow worker’s compensation laws, so it is best to avoid these penalties entirely. Here is how to avoid two of the most common worker’s compensation penalties, as well as how a CPA firm can help you if these penalties are being applied to you.
Get Insured Early
Worker’s compensation insurance helps your employees overcome medical issues related to the work environment, temporary and permanent disability payments for job injuries, and more. Failing to secure insurance coverage for your employees is a significant penalty in New York.
You need to make sure that you can secure coverage as early as possible. You should look into employee coverage while launching your new business, so that coverage is available once you have employees who can benefit from the insurance.
Keeping Your Payroll Accurate
Managing your payroll records and filing you quarterly payroll taxes can be a frustrating chore. However, it is critical to keep your payroll records as accurate as possible. Any mistake on these records can become evidence against you if an employee claims that they are compensated unfairly.
One of the best ways to ensure the accuracy of your payroll is to hire a CPA firm to manage your payroll needs on a monthly basis, if not more frequently. If you have the resources to do so, you can also hire a full-time employee to serve as a dedicated payroll specialist.
Hiring an Accounting Firm
Some accounting firms are able to help you and your company when worker’s compensation penalties occur. We are happy to say that Peter A. Burgos CPA, P.C. is one of these firms.
Our firm independently investigates the areas of alleged insufficiency, such as the payroll records and history of insurance coverage, within the bounds of legal standards. If we see and can demonstrate an adherence to generally accepted accounting principles and other best practices, we will work with the government to plead your case. While the results of this process are varied, the penalties experienced by companies who undergo this process can be reduced significantly.
Contact Us Today
Peter A. Burgos CPA, P.C. provides worker’s compensation assistance to clients in Long Island City, Astoria, Midtown Manhattan, and the surrounding communities. We also offer our wide selection of accounting services, including payroll management, to further help you run your business. For more information about how our firm can help your company grow, contact us and schedule a consultation today.