Payroll for construction industry professionals should reflect this field’s need for accuracy. Any government building contract forces your business to comply with federal law, including certified payroll requirements. This includes contracts filtered through municipal, state, and federal government. These contracts are huge pay-outs, so keeping clean payroll for construction industry workers is a must.
You have likely spent precious hours figuring out employee payroll in the past. Using AMS construction payroll software helps you stay tax compliant and gives you time to focus on the project at hand.
Certified Payroll Requirements
If you’re working within a government contract, you have more hoops to jump through in order to comply with the law. In 1931, the Davis-Bacon Act and Related Acts created the foundation for certified payroll:
Company accountant(s) will submit a certified payroll, or a record of all payments made on a government project. This record details employee wages (gross wages and pay rate), hours worked, and specific jobs each employee performed. The government can make sure that contractors are paying employees based on “prevailing wages.” The U.S. Department of Labor determines the prevailing wage through a wage survey that reflects the project’s local economy.
How Payroll for Construction Industry Helps
Certified payroll requirements and the prevailing wage system work together to create fair conditions for your employees and to ensure fair labor practices across the nation. Compliance with certified payroll requirements gives you the opportunity to work on government contracts. Without a compliant payroll, you won’t get that chance.
It’s imperative that your payroll for construction industry workers is extremely meticulous. Providing precise payroll reports typically has financial implications for construction companies. If you do not submit certified payrolls every week, your business could suffer from different penalties.
The certified payroll requirements are stringent enough, but some states also have “Little Davis-Bacon” laws with even more requirements. You’ll be knee-deep in filing reports for various certified payroll requirements without the help of tax software.
AMS Keeps Your Company Tax Compliant
Payroll for construction industry works best when you rule out human error as much as possible. AMS Payroll, an add-on module to the W-2/1099 Forms Filer, processes payroll and non-employee compensation throughout the year.
AMS Payroll can generate a variety of Payroll forms, including Worker’s Compensation. File a Worker’s Compensation report securely and easily using reliable tax software so you don’t lose more time on a job.
In construction, there’s always a deadline. It almost seems like as soon as you schedule a project, you’re behind. You don’t have time to spend on payroll. Let us handle that. With unpredictable workdays, you want to be sure your employees can accurately track their hours.
Save even more time with AMS E-Filer software. This module will automatically file your year-end W-2 and 1099 forms with just a few quick clicks.
Currently storing your payroll information in a different app? AMS Payroll imports data from QuickBooks, PeachTree, Excel and Tab Delimited Text files. If you’re hoping to grow your company, AMS has the best payroll for construction companies of any size.