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WorkOut Wages handles all the payroll transition needs for receivership firms. Learn more about our capabilities and the benefits of our services.
Payroll Transition Services for Receivership Firms
As a bank, consulting practice, or law firm with a specialization in bankruptcy & interim management of financially distressed businesses, you know that righting the ship (or conducting a winddown) is not so simple.
One of the most concerning issues in these scenarios is what to do with the existing employees once that entity dissolves.
Sometimes, adding them to your own payroll is sometimes the only option – which requires you to set up a separate company, provide insurance, and assume all liability.
However, this is not the most efficient solution!
Workout Wages offers a turnkey payroll solution by stepping in as the employer of record for the employees of the distressed company so you can devote your efforts toward managing the turnaround, workout, or restructuring.
We provide a white glove service for receivership firms that handles everything for:
- Liability insurance
- IRS compliance
- Health insurance benefits
Why Workout Wages
Our ability to quickly onboard employees and adapt to the ever-changing circumstances of restructurings puts us a cut above PEOs and other national firms that can’t react quickly and have poor customer service. Workout Wages offers seamless short-term payroll transitions that confer a number of advantages:
Immediate Benefit Enrollment & HR Support
A common stopgap solution to handling the payroll of distressed companies is to reclassify employees as 1099 workers. This strategy carries huge risks. In most situations, it’s illegal and can garner penalties from the IRS.
Plus, it’s not a favorable tax structure for the employees – who now have to learn the new structure and
change their tax filing process. As part of our full compliance with IRS regulations, all employees keep
their W-2 classification.
Retention & Response
A typical PEO will take 6+ weeks just to onboard you – and even longer to finalize the transition of payroll and benefits. Workout Wages takes less than 2 weeks to set benefits, liability insurance, and transition payroll from the former system to our service.
Giving employees payroll & benefits right away helps you retain talent for maintaining the other assets of the business. Additionally, the ability to support employees from
a human resources perspective lends support to higher retention rates
Insurance & Compliance
Workout Wages is approved in all 50 states for employee liability. We fully insure all employees
and handle workers’ compensation claims at the appropriate code level.
Having an insured and complaint employer of record to provide W2 employees keeps everyone in compliance with the IRS.
Access to Recruitment Resources
As a subsidiary of MSI Recruiting, Workout Wages can connect you with staffing in the event of restructuring, seasonal upswings, or the need to replace employees that may exit as a result of the negative economic event
Dedicated Account Management
When you reach out for assistance from a large PEO, chances are you have to navigate through a call center and wait for a response. At Workout Wages, you can contact us directly, 24/7, with any questions or requests and get an immediate response.
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