Firms may face bigger IC risk than they realize

From Staffing Industry Analysts – “Independent contractor misclassification may be a larger financial risk than companies realize, according to a survey of 51 US executives released by ICon Professional Services, a Foster City, Calif.-based provider of independent contractor compliance and payrolling services.

The survey found 68 percent of respondents had great confidence they would pass an audit, but only 55 percent reported actually passing their audit.

In addition, 77 percent believe their total financial risk of failing a worker misclassification audit is below $100,000. However, ICon says for 100 independent contractors with average annual pay of $100,000, a company’s financial risk could exceed $4.5 million.

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