• Home
  • Accounting
    • Cash Flow Forecasting
    • PPP Loan Forgiveness Assistance
    • Accounting Services
    • Bookkeeping
    • Payroll
    • Advisory Services
    • Consulting for QuickBooks®
    • Training for QuickBooks®
    • Cloud Accounting
  • Tax
    • Tax Preparation and Planning
    • Tax Resolution
    • Help with Your IRS Audit
    • Filing Prior Years Returns
    • Owing the IRS Money
    • Behind on Payroll Taxes
  • QuickBooks Products
    • QuickBooks Online
    • QuickBooks Online Advanced
    • QuickBooks Desktop
    • QuickBooks Enterprise Solutions
    • QuickBooks Point of Sale
    • QuickBooks Payments
  • Industries
    • Services
    • Construction
    • Medical and Health Care
    • Real Estate
    • Non Profit
    • Retail
    • Restaurant
    • Manufacturing
    • Wholesalers and Distributors
    • eCommerce
  • Testimonials
  • Resources
    • Resources
    • Mobile Accounting
    • Blog
  • About
    • About
      • Julie Stout, CPA
      • Bridget Sheffield, CPA
      • Becky Porter
      • Andi Francis
      • Taylor Minick
  • Contact
(229) 244-4641
August 16, 2018

How to Survive a Worker’s Comp Audit

Culbreth Stout & Associates, PC Accounting, Management Tips

Tweet
Share
Share
Pin

If you have employees, you have the distinct honor once per year of being part of a worker’s compensation audit.  You likely receive a form in the mail, an email request, or a phone call that will ask you about your payroll numbers and employees for the prior year. 

Worker’s compensation is an insurance program that covers employees in the case they get hurt on the job.  Each employee receives a classification code that describes the type of work they do, and a rate is figured based on the classification and its risk factors.  

If you’ve hired anyone throughout the year, you might need to get a new classification by contacting your provider. If you have employees working in different locations (especially different states), that matters too.

The audit form will typically ask for gross payroll numbers by employee or by category or location of employee. That’s easy enough, but seldom does the policy run along your fiscal year, so the payroll figure needs to be prorated to match the policy period. 

Your numbers need to tie back to the numbers reported on your quarterly payroll reports for both state and federal. The provider may also want copies of your 941s and your state payroll reports. 

Once you’ve submitted your numbers, the insurance provider will calculate whether they owe you or you owe them additional fees. 

The worker’s compensation audit happens every year (even if you pay worker’s comp premiums each pay period, some companies still request an annual audit).  It’s not difficult, but it is time-consuming. If this is something you’d like our help with, please feel free to reach out.  

Tweet
Share
Share
Pin
Setting Up Products and Services Should You Have a Financial Dashboard?

Related Posts

Accounting, Blog, Business Tips, News

PPP January 2021 Update

Customer Service Tips, Management Tips, Personal Development

The Importance of Customer Communication

Accounting, Accounting Software, Business Growth, Business Tips, Technology

5 Signs You Need to Upgrade Your Accounting System

Monthly Archives

Blog Categories

  • Accounting
  • Accounting Software
  • Blog
  • Bookkeeping
  • Bookkeeping Tips
  • Business Development
  • Business Growth
  • Business Tips
  • Cool Tech Tools
  • Cost-Saving Tips
  • Customer Service Tips
  • cybersecurity
  • Decision-Making Tips
  • Expense Reduction Tips
  • Finance Management
  • Management Tips
  • Money Management
  • News
  • Payroll Tips
  • Personal Development
  • Profitability Tips
  • Profits
  • Tax
  • Technology
  • Time Management Tips
  • Uncategorized
  • Home
  • Services
  • Products
  • Industries
  • Testimonials
  • Resources
  • Blog
  • About
  • Contact

Contact Us

Tax Services, Accounting Services and Services for QuickBooks®

Culbreth Stout & Associates, PC

612 N. Patterson St.
Valdosta , GA 31601

(229) 244-4641

Client Login


Intuit, QuickBooks, and QuickBooks ProAdvisor are registered trademarks of Intuit Inc. Used with permission under the QuickBooks ProAdvisor Agreement.
Copyright Culbreth Stout & Associates, PC 2020 | Site Design by Accelerator Websites