2023 Officer Limitations
Each year the State of New Mexico revises the officer/owner payroll limitations, impacting the cost of workers’ compensation coverage for company owners and officers who have chosen to be included in coverage. For 2023, corporate officers and LLC members who elect coverage are subject to a minimum payroll of $4,333 per month and a maximum payroll of $16,900 per month.. Partners and sole proprietors who elect to be covered will be included at a flat amount of $51,300 per year, or $4,275 per month.
Monthly Payroll Reporting
If you have your monthly payroll reporting done by the 15th of each month, you get an extra 2.5% discount. Please have your reporting done by the 25th of the month to avoid late fees.
What to Report: W2 gross wages (including gross pay, vacation pay, and sick pay), uninsured contract labor, uninsured subcontractors.
What amounts not to report: severance pay, per diem at or below $75 per day, insured sub-contractors
Do you have a project that there are employee duties that do not appear to fit within the classifications currently on your account? Please call us so we can discuss proper classification for the work being done.
The Annual Audit
Your annual audit may be conducted in person, via mail, or virtually via our secure website. The auditor may be Builders Trust staff, an audit consultant, or an auditor from Lowry and Associates.
- Payroll summary, detailed listing of all employees and wages.
- Federal 941 quarterly reports, Federal 940 FUTA report, NM SUTA quarterly reports.
- Form 1096 and all corresponding 1099 forms.
- A detailed vendor list for all outside labor paid, subcontractors, and contract labor
- Certificates of Insurance for all subcontracted services.
Please call our Premium Audit department at 505-345-3477 or 1-800-640-3369 if you have any questions.
Builders Trust is very knowledgeable of how to assign NCCI classification codes as well as implement industry premium audit standards. Should you have any questions or concerns regarding class code usage or wish to address a premium audit issue, please don’t hesitate to contact our Audit Department for assistance.