Torch Talk March 2016 | Page 18

BETTER BUSINESS BUREAU ® bbb.org W H AT BUSI N E S SE S N EED TO KN OW TO H ELP KEEP WA SHI NGTON S A FE A N D WORKI NG S PR I N G C LE AN I N G? R EM EM B ER TH E E S S ENTIAL S O F R ECO R D K EEPI N G , R E TU R N -TO -WO R K PL AN N I N G AN D SAFE T Y TORCH TALK MARCH 2016 by Roseann Collins Employer Services Outreach Supervisor, Washington State Department of Labor and Industries -18- “What records do I need to keep for workers’ compensation?” is the most common question employers ask me during the course of my job at the Washington State Department of Labor and Industries (L&I). Whether the business is new or Employer Records well established, record retention For each worker: is a confusing topic. Yet failure to keep and maintain the correct • Name records could be costly - up to • Social Security Number $250 per worker. • Beginning & ending date of employment Washington State law requires • Basis of pay every employer to keep records • Units earned or produced for that will allow L&I to compute pieceworkers insurance premiums. The • Risk class for each employee following is a list of records that • Time record showing days businesses should keep for worked and hours worked three years and three months. • Summary of hours worked Other agencies and the each quarter Federal government may • Worker’s total gross pay want you to keep them longer. • Workers’ specific withholding • Worker’s net pay Financial Records • • • Check register and canceled checks Bank Statements Cash disbursements journal Tax Records • • • Employment Security reports Department of Revenue reports Internal Revenue Returns, Forms o W-2 o 941 (Quarterly Reports) o 1099 (Miscellaneous Income) o Annual Tax Return Other Records to Maintain • • • Purchase Records for o Materials and Supplies o Miscellaneous Contract Labor Corporate Documents o Articles of Incorporation o Bylaws, Minutes of Meetings LLC Documents o Certificate of Formation