In this episode of 'Therapy for Your Money,' hosted by Julie Herres, the focus is on understanding Department of Labor (DOL) audits through the lens of a therapy practice owner. Julie shares her personal experience with a DOL audit in 2023, emphasizing the rarity of such audits for small businesses and outlining what triggers them. She provides a detailed account of the audit process, what the DOL investigates, and the kind of information they request, ranging from employee data to time and payroll records. Highlighting the challenges and emotions involved, Julie offers practical advice for handling audits, including the importance of EPLI insurance, rights during the audit, and the potential outcomes. The episode aims to prepare listeners for the unlikely event of a DOL audit, ensuring they're informed and protected.
Show Highlights
- 00:00 Welcome to Therapy for Your Money
- 00:49 Navigating a Department of Labor Audit: A Personal Journey
- 03:52 Understanding the Scope of DOL Audits
- 05:55 Preparing for and Responding to a DOL Audit
- 10:20 Rights and Tips for Handling a DOL Audit
- 12:33 The Importance of EPLI Insurance and Final Thoughts
Links and Resources
- Episode 133: Contractor vs Employee: Understanding the new DOL rules
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
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