The U.S. Government Accountability Office reported in April 2015 that more than 40% of the workforce is now comprised of contingent workers. Knowing how your business is managing the issue of employee vs. independent contractor is vital to your bottom line. This knowledge is increasingly essential since the Obama administration—in an effort to retrieve tax revenue and ensure proper worker rights—allocated millions of dollars, hired a sizeable task force and engaged the help of state governments to go after companies not playing by the rules.
To avoid the major consequences of misclassification, including back payment of taxes, providing benefits retroactively (vacation pay, stock options and 401(k) contributions), and paying stiff penalties, here are 3 steps you can take immediately: to read the complete article, click here.
