Software delivers 1099 compliance management.
Press Release Summary:
Web-based ICon2 Compliance Smart Software automates tasks of managing payroll, benefits, and consolidated billing services for contract workers. On-line qualification process for independent contractors and hiring managers provides accurate response in less than 2 minutes while ensuring that companies comply with federal and state taxing authority guidelines and regulations.
Original Press Release:
ICON2 Contingent Workforce Automation for 1099 Compliance
FOSTER CITY, Calif., June 11 /- ICon(TM) Professional Services, a leading provider of 1099 compliance management and contingent workforce services, proudly announced that it is launching the next generation of Compliance Smart Software known as ICon2. This proprietary, web-based, software is specifically designed to ensure the proper qualification of independent contractors, and automates previously cumbersome tasks of managing payroll, benefits and consolidated billing services for contract workers.
As the independent contractor workforce continues to grow (currently 10.3 million), so will the audit activity by state and federal agencies. Companies today need a simple and fast solution to mitigate their risk exposure. ICon(TM) has a 100% success rate in audits, and this success will continue with ICon2. The cornerstone of ICon2 is its web-based qualification process for independent contractors, which provides an accurate, reliable response in less than two minutes, where other services typically require 24 hours. This on-line, intuitive qualification process for independent contractors and hiring managers ensures companies comply with federal and state taxing authority guidelines and regulations.
The U.S. government estimates that up to 5% of a typical large company's workforce consists of independent contractors, 46% of which do not meet IRS requirements for independent contractor status. These millions of workers present a major audit risk for businesses, and a major opportunity for taxing authorities. "Ensuring bulletproof compliance with IRS and State taxing guidelines is a full time job. Without the time, resources or inclination to be compliance experts, organizations are making the decision to outsource compliance to companies with the experience and resources to accurately classify and defend their Independent Contractors workforce. With that comes peace of mind that no one's job will be in jeopardy due to management's negligence or from incurring unexpected assessments and costs. When you consider back taxes, fines, penalties, benefits and retirement programs, those costs easily go into the millions," states Patricia Griffin, President of ICon(TM) Professional Services.
About ICon
ICon(TM) is a nationally recognized Human Resource Outsourcing firm specializing in independent contractor compliance, contractor consolidated billing, and payroll services through web-based applications. ICon(TM) is completely vendor-neutral as it does not recruit or source contract/temporary employees, and is not owned or operated by a staffing agency.
Since opening in 1997, ICon(TM) has dedicated itself to simplifying the lives of Human Resources and Procurement professionals. ICon(TM) brings together experience, technology, and human capital through 1099 Compliance, Payroll Services and Vendor Neutral Management specifically designed to help companies succeed. ICon(TM) is a certified women-owned business headquartered in Foster City, CA.
CONTACT: Mark Steele of ICon, 1-888-426-6937, fax, +1-650-378-4157
Web site: http://www.icontract.com/
