Don’t Underestimate the Complexity of Prevailing Wage Reporting
New York’s City Prevailing Wage initiative kicked off in 2017 to help increase the number of public contracts that get awarded to minority and women-owned businesses – in fact, over 30% of these contracts will go to these businesses by 2021, and $16 billion by 2025.
This means that if you want to grow your business as a contractor in New York City, diversity is the name of the game. Through borough-based partners, the city is training MWBEs on how to take advantage of these new initiatives to help you gain more visibility in the New York City Business Directory, as well as offer guidance through the certification process to become a designated MWBE contractor.
But what happens after you get awarded a prevailing wage contract? There are many rules, regulations, details and nuances that you need to be aware of when it comes to taxes, payroll and reporting in order to remain compliant. Even small mistakes can put your prevailing wage contracts at risk, and hurt your potential for winning new contracts in the future.
Don’t take the chance that you can navigate these complicated waters on your own. Platinum Payroll has expert knowledge of these processes to handle all the ins-and-outs of prevailing wage reporting, so we can keep you compliant while you focus on fulfilling your contracts and winning new ones.