Construction contractors are potentially subject to requirements that wages paid on a job are paid at prevailing wage rates established by the Department of Labor. In addition, established fringe benefits must be paid either in the form of cash or approved fringes. For the fringe benefit to count towards the required amount the contractor must follow some guidelines, such as the program must be communicated in writing to employees and the benefits must be irrevocable. Some fringe benefits that can count are pension plans, insurance and paid holidays/vacation. If you would like more information about this subject please contact our office.
/posted by Myron D. Fisher, CPA
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