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I am a subcontractor. the contractor has asked me to provide…

Customer Question
I am a subcontractor...

I am a subcontractor. the contractor has asked me to provide them with very detailed information on how I spend the funds they pay me. They want the quantity of employees on the account and the hours/rate of pay paid to each employee along with taxes/insurance and all other fees. They want ALL my expenses I pay as a subcontractor detailed so they can see where every dollar they pay me is going. is this legal and do I have to provide them this information?

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

I am in NJ but I hold the contract with the contractor in NY

Lawyer's Assistant: What steps have you taken so far?

All of the work performed is in NY I have not taken any steps yet to provide them with any information

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

That would be all I believe

Submitted: 7 months ago.Category: Legal
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Answered in 10 minutes by:
12/20/2017
Lawyer: Lane, JD, CFP, MBA, CRPS replied 7 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Legal
Satisfied Customers: 14,668
Experience: Juris Doctorate Degree, CFP and MBA with 30 years experience in estate and income tax law
Verified

No they cannot. Not UNLESS the contract you signed with them requires it.

...

However, with the advent of Sarbanes-Oxley Act (“SOX”) more and more private companies are holding themselves and their contractors to the same disclosure standards.

...

THere ARE SOME areas where SOX CAN apply to a private company:

..

There are a number of SOX provisions that affect both private and pubic companies. Violating them carries severe penalties. Among them are:

  • Liabilities for violations of federal and state securities laws are not dischargeable in bankruptcy. This includes, for example, liabilities for fraud in connection with the private placement of securities.
  • Intentionally destroying, altering or falsifying records or documents with the intention of impeding or influencing a federal agency investigation (the EEOC or IRS, for example) or a federal bankruptcy proceeding is a crime, carrying penalties including fines and up to 20 years’ imprisonment.
  • Retaliating against someone who provides a law enforcement officer with truthful information relating to a possible federal offense (OSHA or ERISA, for example) is a crime, punishable by up to 10 years’ imprisonment.

...

But beyond that, adhering to SOXC for a PRIVATE company is just a best practice.. Lenders, when deciding whether to make loans, and sophisticated investors, particularly venture capitalists, when considering investments, look carefully at the governance practices of the companies with which they are dealing. Practices that are perceived to be inadequate will often result in denial of a loan or investment. SOX corporate governance practices are increasingly becoming the de facto standard for that review.

...

But if they are not public, and the bullet points above don't apply, they're internal auditors are just trying to adhere to this increasingly accepted standard. You may in fact have a cause of action under the civil action of intrusion on right to privacy.

...

BUT a very real-world aspect of this is that REPEAT business may not be forthcoming without the disclosure

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