Lower the costs on workers compensation premium and save dollars for your business by hiring our Worker Compensation Audit Services in USA that are specially designed for the business employers in United States. We reduce the workers’ premium by disputing audits as well as recovering overcharges. We have the best workers compensation premium auditory and consultancy services throughout United States including New York, New Jersey, Texas, Arkansas, Massachusetts, Vermont, Connecticut, and in other states in USA. Do not misunderstand us as insurance sellers. We are independent workers comp auditors and work on the Workers Comp classification codes, experience modification factors, payroll audits, etc. We make it sure that you do not pay extra than ordinary in Workers Comp insurance premiums. We are providing our clients with the best technical expertise and professional knowledge to validate their classification codes, audits as well as additional factors that are involved in the determination of insurance premium for workers compensation audit. Book an appointment with us to get customized worker compensation audit services as per your company and requirements.
Our Worker Compensation Audit Service:
Black Ink provides workers compensation audit services and help in USA by consulting with accountants, attorneys, insurance agents, brokers and even with direct clients who are in dispute or problems regarding Workers Compensation insurance premiums, audits, classification codes, experience modification factors, and other technical rating issues that are involved in raising Workers Comp insurance premiums for the employers. Even, if your insurance company and rating bureaus (e.g. NCCI) has made errors because of which you are paying high premiums, we assure you that we can find and fix workers comp error, disputes and penalties and recover the overcharges for you in the past and current status. We work on the principle of checking the classification codes which calculate your premium charges, experience modification factor which makes adjustments in the premium charges as well as payroll audits that calculate the final premium charges paid.
Main Features of USA Worker Compensation Audit Services:
We provide worker compensation audit services throughout United States with the benefit of identification of overpayments and claim for the refunds. If you need help for workers compensation premium audit services, feel free to request for call back with our team. The main worker compensation audit services include:
- Compilation of employees’ data, their job designation as well as payroll records with their reconciliation.
- Review of the previous year worker comp audit to get more insight and understanding to the anticipated issues.
- Considerable savings by the proper elaboration of overtime payments that can provide discounts to the clients.
- Collection of certificates of insurance for independent contractors and sub-contractors to eliminate the chances of workers compensation premium penalty.
- Payroll record keeping include classification codes of workers, their wages, working hours, over time pay etc.
- Evaluation of clients’ payroll accounting and financial records including employee payroll, tax reporting, financial records for the determination of Workers’ Compensation (WC) audit-able exposures.
- Up-to-date knowledge and notifications regarding worker compensation audit laws, worker comp manual regulations, state regulations & exceptions, tax preparation & filing
- Working in collaboration of internal staff to apply changes found during the worker compensation audit process and to answer their audit questions and disputes.
- Timely and accurate worker compensation premium audits and service audits to meet up regulatory and company standards.
- Worker compensation audit services for smaller, larger and complex accounts with the maintenance of status log.
- Review, inspection and investigation of all necessary data and records required by worker compensation audit for the verification of premium information.
- Preparation of detailed reports for the findings of worker compensation audits.
- Worker compensation audit resolution services as well as worker compensation audit inquiry services.
- Proper classification of ‘payroll’ and ‘remuneration’ offer by the clients to their employees.
- Exclusion of remuneration according to the specific state for worker compensation audit services that include uniform allowances, reimbursed business expenses, severance pay (other than over time), active military duty pay, employee discounts on goods purchased from the employer, payments by the employer to pension plans or group insurance, tips & gratitude received by the employee, etc.
- Detailed report of earnings and deductions to get credits from the auditors along with business advisory services in USA for worker comp audit.
- Review of original policy as well as classification codes, rates, and payrolls for the calculation of initial estimated premium.
- Accurate record keeping of payroll and disbursement journals, contracts, registers, disbursement records, cash receipt journals, general ledger, checkbooks, 941’s, 1099’s, state unemployment wage reports, 1040-c (Schedule C), 1120, 1065, certificates of insurance, etc.
Records Required For Workers Comp Audit:
When availing our worker compensation audit services in United States, you are required to submit certain important records that are required by the auditor. We make it sure that our clients do not provide unnecessary information to the auditors, that is not asked or not required as it shortens the length of your workers comp audit. As soon as the auditor is done with his job with your workers premium audit, it will be that much beneficial in your favor. For this purpose, we are providing a list of important documents required for fast & smooth workers compensation audit:
1. Payroll Records:
- Payroll journal.
- Payroll summary (including salary, bonuses, gross salaries and wages, retroactive salaries and wages, commissions, stock bonus plans, vacation, holiday and sick pay, over time, remuneration, Social Security, Medicare, pension plan, piecework, profit sharing, incentive plans, hand-held power tools allowances, rental value of house/ apartment, other lodging and meals expenditure, employees’ uninsured subcontractors payroll & retirement, cafeteria, or savings plans payments, etc.).
- Your check book (unless & until it is the only source of your record keeping; otherwise try not to give them to the auditors).
- Accounting ledger.
- All overtime payroll records (reduced rates as well as individual payment record) as well as W-2 and 1099 forms.
- State Unemployment Income Reports (CA DE9s) as well as individual earnings records.
- Tax forms, principally Form 941 and Form 944, Employers Federal Tax Returns (quarterly and annual, respectively).
- Payroll tax filings records and related data.
2. Employee Records:
- Detailed explanation of job designation as well as job responsibilities of each employee.
- Total number of employees hired.
- Hours, days, and weeks worked on annually basis.
3. Payment & Cash Disbursement Records:
- Payments to sub-contractors.
- Casual labor payments.
- Material purchase record.
4. Certificates of Insurance:
- For all independent contractors used during the policy period for their verification that they are not employees.
- For all sub-contractors used during the policy period.
5. Detailed Description Of Business Operations:
- Comprehensive report of all business operations for the justification of your workers compensation classification codes.
6. Experience Modification Worksheets:
- Worksheets & QuickBooks regarding experience rating, amendments and alterations for the verification of application of correct MOD to the policy period by the auditor.
Types of Worker Compensation Audits in United States:
There are three types of workers compensation premium audits performed in USA. Black Ink is providing all types of workers compensation audit services throughout United states, from New York State to New Jersey State that include Physical Workers Compensation Audit Services, Voluntary Workers Compensation Audit Services & Payroll Integration for Workers Compensation Audit Services. Our representatives at Black Ink particularly analyze the nature and type of your business operation which becomes the basis of your physical or voluntary workers compensation audit. Usually, when the business operation is more complicated, it requires a Physical Workers Compensation Premium Audit Services.
1. Physical Workers Compensation Audit Services:
After the expiration of workers compensation policy, a physical workers compensation audit is required at your business place within 60 days of expiration. The audit appointment is scheduled via mail or phone by the auditors with the list of records and documents that will be needed to show on the audit date. Remember that the auditor is on a strict time schedule. Once the audit is assigned on a specific date, then most of the insurance carriers are required to return the completed audit within one month period. If the company fails to complete the audit within the given time frame of 30 days, then the auditor has to return the audit to the insurance company with the remarks of “found delinquent” on the audit. If it happens then the real trouble arises for the company in the form of a larger audit bill by the carrier without any accurate data. If you do not want to get arrested in any of such trouble, we welcome you to contact us and avail our physical workers compensation audit services in United States near you with guaranteed satisfaction.
2. Voluntary Workers Compensation Audit Services:
The insurance company sends a voluntary audit mail to the company within 30 days of expiration of their policy. It is necessary to complete and return the form to the insurance company within the deadline. This form typically shows the particular classifications present in your policy and your actual payroll exposures are required for each class. If you are worried about the complications of this form, we are here to provide complete voluntary workers compensation audit services in United States to complete the form for you as well as its submission to the insurance company as the information of the form is used for the payroll audit. We understand the criticality of workers compensation premium and perform the completion & submission of the audit to the insurance company accurately on time with accurate worker compensation audit services.
3. Payroll Integrated Workers Compensation Audit Services:
In this type of Workers Compensation Audit Services, the worker compensation policies are integrated with payroll services. The benefit of this type of worker comp audit in USA is that it results in the adjustment and payment of premium as needed after each pay cycle period. In this way, the chances of unexpected adjustments at the end of the policy period are greatly controlled and minimized. It is considered as a revolution in the worker compensation audit procedure that causes reduction in the administrative employment and potential for the generation of a great retroactive bill. Take a deep breath to relax and call us today to get the leading payroll integration services for worker compensation audit.
Visit our blog section to become acquainted with the accounting and taxation industry services and updates in United States. We understand rules and laws of workers compensation audit in your state in USA and do our best to make the accurate results for you with a smooth process of worker compensation audit services. Present a clean picture for all of your business operations to the auditor by having our well-organized and accurate payroll services and precise bookkeeping services for exact payroll records, work classifications, tax filings, and experience ratings.