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Accounting firms are generally reliable institutions, but it always pays to know what you are entitled to under the law and the labor laws. Knowing the law doesn’t necessarily mean that you’re going to go on strike or start a union, you simply need to know the basic accounting labor law so that you can also enjoy the benefits of your job. Like for example, you have the right to know if your company is paying your social security on time.

You can consult law books or go to a labor lawyer for specific provisions that apply in your area. It may be a bit of a hassle, but the long term benefits outweigh the hardships. And you may also serve as a help to other people who need to know the basic labor law. So you not only help yourself, but have the opportunity to help others too.

There is a very defined line between employment as a contractor or as an employee and in the middle may be the casual or an individual who is still not a full pledged employee but is performing the jobs of one pending his evaluation after a specified time frame. That time frame may depend on the agreement he signs with the company which will have to deliberate on whether to hire him as a full time employee or to terminate his services from the firm. The time-period is defined by law but may vary depending on the employer but is not to exceed six months to a year, after which the employee will automatically become a full-pledged employee entitled to all the benefits and pay as such. Contractors on the other hand are individuals that are brought into a company for their specific skills that may be required for a short period of time. Opposed to employees who can resign at anytime given a valid reason, contractors are bound by their contract to finish the terms of the contract signed. Contractors often work on a consultaion basis and are not obliged to come in as regular employees do, they simply have to perform their duties as required by their contract, in between that period they are free to take other jobs that may interest them. The binding that hold all the above situations is the contract which is signed by both employee and a contractor where all the specific are defined and discussed.

Working as an accountant, you are handling information that is vital to a firm’s overall function. Improper accounting practices have resulted in many high-profile cases of insider trading, accounting information manipulation and other crimes that have resulted in jail-time. Recently, companies that have received bailout funds from the US government have been found to use them for bonuses whilst the company has already declared bankruptcy. All these facts and information are witness to many a crimes that have gone unnoticed well till somebody found the anomalies and reports them.
Accountants are some of the most used people in such cases for they have the ability to manipulate ever so creatively the records so do be aware of such cases and abide by the law. You are obligated first by the company to do your job and the law to report any anomalies that may make or break your firm. Though mostly despised and black-listed in the industry, whistle-blowers are the first to raise the red flags that causes the investigative wheel to grind and work.

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A businessman definitely does not want to be tax audited. It almost always is nightmare they have to go through. There is no way of telling exactly how and when your company will be suibjected to tax auditing. And sadly, there is no way of knowing why you are the next to be audited. They just come and you better be prepared for them. There are a few types of tax auditing. We cant be sure of the reasons why we are going to be scrutinized by the IRS but a few factors can be credited to merit their closer monitoring of your financial matters. Such as corporate returns income report of more than $250,000, those people applying for home office deductions and some sole proprietors in businesses where additional income is generated from tips.

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The workforce drives the success of all businesses and companies in the world. This is why, proper treatment must be given to the employees, workers and members of the labor force.
Attention must be accorded under the confines of the law. Ultimately, they must be treated justly in all employment aspects. They contribute greatly with the country’s economy and well being. Thats why several laws are enacted which gives them the right to bargain collectively on their employment terms and conditions. Unfair labor practices are almost always gone unpunished. It is scorned by the society and the law.

What is an unfair labor practice?

Unfair labor practices refers to actions made by employers or unions, which are clearly violates the National Labor Relations Act or NLRA or other legislation concerned. The law has specified certain acts that may constitue unfair practice.

Acts Constituting Unfair Labor Practice or ULP

Under the law, ULP is committed by either an employer or a labor union. Employers commit ULP in any of the following acts:

interference with, restraint or coercion of employees in the exercise of their rights to engage in protected concerted activity or union activities or refrain from them
domination or interference with the formation or administration of a labor organization
discrimination against employees for engaging in concerted or union activities or refraining from them
discrimination against an employee for filing charges with the NLRB or taking part in any NLRB proceedings
refusal to bargain with the union, which is the lawful representative of its employees

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Labor law is also known as employment law in some parts of the world. Labor law is a broad category that covers all area of employer/employee relations. Labor law also includes the negotiation processes and collective bargaining. Its purpose is to protect the employer and the employee in the case of a wrongdoing from both ends.The labor law dates back to the 1930s. It was during this time that Congress acted to raise minimum wage and there was reconsideration of the labor laws that were affecting the employees. There have been no major new laws that have been passed over the last few decades.

Acts forbidden under the labor law

• Dominating or otherwise interfering with formation of a labor union, including the provision of any financial or other support.
• Interfering with or restraining employees engaged in the exercise of their rights to organize and bargain collectively.
• Imposing any special conditions of employment, which tended either to encourage or discourage union membership. The law stated, however, that this provision should be construed to prohibit union contracts requiring union membership as a condition of employment in a company.
• Discharging or discriminating against an employee because he had given testimony or filed charges under the Act.
• Refusing to bargain collectively with unions representing a Company’s employees.

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In 2002, the normal wage and salary annual earning of an accountant is $47,000. The middle half of the occupation earned between $37,210 and $61,630. The top 10 percent of accountants earned more than $82,730, and the bottom 10 percent earned less than $30,320. In 2002, normal annual earnings in the industries employing the largest numbers of accountants and auditors were:

Federal Government $51,070
Accounting, tax preparation, bookkeeping, and payroll services $49,520
Management of companies and enterprises $49,110
Local government $44,690
State government $42,680

In the Federal Government, the starting annual salary for junior was $23,442 in 2003. Candidates who had a superior academic record might start at $29,037, while applicants with a master’s degree or 2 years of professional experience usually began at $35,519. Beginning salaries were slightly higher in selected areas where the prevailing local pay level was higher. Accountants employed by the Federal Government in non- supervisory, supervisory, and managerial positions averaged $69,370 a year in 2003; auditors averaged $73,247.

Corporations has become cautious with regard to the Labor Laws. Employees, as well, knew all their rights whenever an employer violated some rules. Nevertheless, employers has still the right to fire a worker at any given time and for any reason may it be a grave or frivolous offense.

Some companies I have worked are aware with their labor organizations. In some ways, they have helped in bargaining a good agreement for the unionized employees when it comes to salary increase and benefits. Alternatively, they also caused some violent strikes that affected the organization to fall down and had a hard time recovering. These incidents caused numerous employees suffered and became jobless.

Here are some of the most important accounting references law regulations:

1. Age Discrimination In Employment Act (ADEA)
2. Americans with Disabilities Act (ADA)
3. Bad Check Law
4. Civil Rights Act of 1964
5. Employee Polygraph Protection Act (EPPA)
6. Employee Retirement Income Security Act (ERISA)
7. Equal Credit Opportunity Act (ECOA)
8. Equal Pay Act
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Events in the financial markets have reshaped accounting and the advent of computer technology has added to the risks that are involved in dealing and handling with such financial information. Such information can be used against a firm for personal or criminal needs by people inside and outside of the company who knows how to utilize that information. Manipulation is also addressed by these practices for it aims to establish a set of checks and balances within the system allowing financial experts to quickly discover and deal with such threats (inconsistencies). Insider trading in stock markets have risen globally and the recent sub-prime lending crisis that has crippled the US economy are just some of the problems that have deep roots in flaws within the financial and accounting systems of companies who should have been able to determine the abnormalities before they caused much problems.