How Tax Software Keeps Davis-Bacon Act Compliance for 2023

Maintain your business’s Davis-Bacon Act compliance for 2023 projects by using the best tax and accounting software. You already know that employing government contractors means you must handle unique regulations for your business. How you manage the payroll and bids differs from businesses in other industries. You also know the importance of staying compliant with the weekly reporting requirements. Use a reliable and comprehensive software solution to follow every law and regulation while avoiding penalties on your Davis-Bacon projects.

Advanced Micro Solutions offers a complete database system for its users through its W-2/1099 Forms Filer base program. Firms that complete government projects can add on any of our six optional modules for a full accounting suite of tools. Utilize customizable software like ours to streamline how you generate specific tax forms and reports for tax year 2023 and all year long.


What are Davis-Bacon Act Compliance Violations?

Familiarize yourself with the different forms of non-compliance under the Davis-Bacon Act. Some of the common mistakes that the best software can help you avoid include:

Misclassifying Workers – Classify your workers accurately whether they are laborers, drywall hangers, or bricklayers. Tax and accounting software reduces how overwhelming it can feel to categorize these different workers and perhaps their different grades for these jobs. Use your software to pay everyone based on the correct wage determination. Reliable software helps to improve your worker retention.

Unpaid Wages – Invest in tax and accounting software that ensures you pay your workers’ full prevailing wages. Do not forget that the wages include fringe benefits and overtime hours. Use a software solution to improve Davis-Bacon Act compliance for 2023 wages. View a full picture of who works what hours with detail-oriented software.

Poor Recordkeeping – Go beyond keeping adequate records for your firm. Track all of the hours that your employees worked using payroll management technology. Software makes storing your files for longer periods of time easier and more organized. You will not need to worry about discarding files to make office space when you save reports within a database.

Underreporting Work Hours – Confirm that your first or next software can accommodate your employees with multiple classifications. Some firms overlook the hours of contractors who have two or more classifications on a particular day.


How to Stay Compliant on Davis-Bacon Projects

Keeping up-to-date with your Davis-Bacon Act compliance for 2023 projects does not need to become a time-consuming process. Some of the best ways to stay compliant are:

Paying Attention to Details – Stay on your workers and request that they record their relevant changing work roles in the field. Make sure their timesheet reflects if they make a switch from a specific job title to another. Failure to track the changes and the different rates is less common if you stay organized with payroll software.

Using the Correct Wage Determination – Pay your workers the correct prevailing wage after you use their classification to find their wage determination. Tax and accounting software helps you to review whether you correctly read the wage determination for each individual. Use your accounting technology to add up your “rate” and “fringes” and determine the full prevailing rate. You will better ensure Davis-Bacon Act compliance for 2023 taxes and improve your efficiency.

Investing in More Storage Space – Track your workers’ hours accurately with a digital time and attendance system. Using technology will not only increase your overall efficiency. It will also provide you with a centralized location for your important and sensitive data reports. You can then get rid of overflowing filing cabinets and the worry of misplacing crucial information needed for any audits.

Prioritizing Certified Payroll Reports – Paying your workers and submitting reports weekly are time-consuming manual tasks. Create a certified payroll checklist and find an advanced payroll system to stay ahead of your reports year-round. Software keeps all information in a readily accessible location. Payroll software additionally saves you time by generating and formatting your reports.


Why Firms Prefer AMS Software

Maintaining your business’s Davis-Bacon Act compliance for 2023 reporting is just one of many regulations to follow. Stay on top of your requirements with our base program and add-on AMS Payroll and Software Generated Forms modules. Our software supports up to 1,999 payers and up to 9,999 employees per payer. Generate different types of payroll reports, such as Payer/Tax Summary, Employee Detail, and Worker’s Compensation. The system includes certified payroll reports and enables you to magnetically or electronically file almost 30 state quarterly returns. Download our 1099-etc Demo software today to explore our features.

Software Solutions from AMS

Our W-2 and 1099 Forms Filer is our only required platform. From there, users pick the services they need. Choose from the tools below to build out your customized accounting software.