(212) 974-3435

 

Unpaid Sales and Payroll Taxes Free Consultation. Proven Results. We Negotiate Excellent Tax Settlements, Corporate Restructuring, Payment Plans and Offers in Compromise. Aggressive Tax Representation. Practicing before the Internal Revenue Service and New York State Department of Taxation and Finance.  Experienced Tax Accountant, CPCU and Attorney. We Represent Restaurants, Groceries, Bodegas, Construction Companies and other Small Businesses. Immediate Assistance. Tax and Risk Management. Call Now (212) 974-3435 or Contact Us Online. 

 

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Insurance Audits We Resolve Commercial Insurance Disputes Including NYSIF Premium Assessments. Workers Comp and General Liability Audits. Specializing in Employee Misclassification, Unreported Income, Experience, Rating and other W/C violations. Representing Restaurants, Groceries, Construction Companies and other Businesses. Immediate Assistance. Call Now (212) 974-3435 or Contact Us Online.

 

(212) 974-3435
03.06.2020
Payroll & Sales Tax & Workers Comp Audit Representation
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Workers compensation premiums will likely drop as employment declines, according to a report released Monday by the National Council on Compensation Insurance. In the past month, more than 22 million unemployment claims have been filed due to the coronavirus, and this significant drop in payroll will have an impact on the workers compensation industry’s premiums, as well as injury rates and claim frequency, reported Boca Raton, Florida-based NCCI in its Economic Impacts of Coronavirus on Workers Compensation quarterly briefing. The hospitality, entertainment, travel and retail industries have suffered the most severe economic impacts. However, these businesses tend to have lower premium rates per employee. Although some businesses, such as grocery, medical supply and home delivery are seeing their demand surge, any new hires are insignificant compared with employment losses in other sectors, according to the report. For current claims, the diversion of medical resources may extend the length of a claim, increasing indemnity and medical costs. If an injured worker is furloughed, that may also impact indemnity severity for active comp claims. Workers may also defer claims for nonacute injuries, or if they fear permanent job loss be more likely to report these types of injuries, the NCCI report said. Another potential effect for workers comp is whether coronavirus will be considered compensable — an issue “likely to be interpreted differently in different states,” according to the report.

Disclaimer The information on this website is not intended to and does not offer legal or tax advice, legal or tax recommendations, or legal or tax representation on any matter.  Hiring a CPCU, tax practitioner and attorney is an important decision, which should not be based on advertising. Selig & Associates, Inc., is a New York Corporation. Selig & Associates is not a law firm; does not practice law and does not give legal advice.  All trademarks used or referred to on this website are the property of their respective owners.

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