The Internal Revenue Service named Progressive Employer Management Company as one of the first U.S. groups to receive certification as a Professional Employer Organization. The certification starts Jan. 1, and only a select group of PEOs met requirements.
PEMCO, with offices in Texas and throughout Florida, has provided over 20 years of service in payroll administration, workers' compensation, employee benefits, and human resource management to companies in professional, medical, contractor, hospitality, service, industrial and nonprofit sectors. The Pensacola office consults with a number of clients in Crestview.
PEMCO CEO Clinton Burgess said the certification requirements are demanding.
"The CPEO designation shows our commitment to abide by a higher standard in the industry and gives our clients the necessary assurance that we offer an exceptional PEO service," he said.
The IRS established the voluntary certification program for PEOs in accordance with the Tax Increase Prevention Act of 2014. The CPEOs must have a history of federal, state and local tax compliance, financial responsibility and organizational integrity, among other things.
For CPEOs to remain compliant, the IRS requires annual verification, a continued bond (or bonds) from a qualified surety for the payment of federal employment taxes, annual audited financial statements, and quarterly assertions, attestations, and working capital statements.
There are also reporting requirements related to commencement and termination contracts between the CPEO and its clients, employment tax reporting, and any material changes that might affect the continuing accuracy of any agreement or information previously provided to the IRS.
Visit http://www.progressiveemployer.com/ for more information about PEMCO.