What are some of the risks associated with using independent contractors?
Independent contractors are an efficient, cost-effective way to get the intellectual capital you need, right when you need it. Using independent contractors can save you money on benefits, taxes, workers compensation, and more, but it can also increase your compliance risks. There are many rules and regulations about how independent contractors must be classified. If the government determines that you have misclassified full-time employees as independent contractors, you could face large fines, penalties, and back taxes. In fact, companies like FedEx and Microsoft have found themselves in the midst of expensive benefit disputes regarding the rights of employees versus independent contractors. The experts at Payment Services Corp. understand all the nuances of the ever-changing compliance laws and regulations. When you contract with us, you can stop worrying about your compliance risk and focus on growing your business instead.
