Recent News 2017-07-03T16:34:54+00:00

New and Newsworthy

Good Employees Start with Excellent Applications

Check your employment application form for key elements: items and questions you really need to have in your form, and items and questions you really need to delete. This is important because missing elements -- or wrong elements -- can lead you to hire the wrong people. The following are key elements in a job application form: Understandable Directions Give applicants clear instructions for completing the form, at the top of the application. Example: You must fill in this form completely to be considered for employment with (the name of the organization). If you cannot [...]

By | September 12th, 2018|Categories: Articles, HRP Blog|0 Comments

Replacing Employees Costs Big Dollars

The cost of employee turnover is alarming for many businesses. The latest statistic available from the  Employment Policy Foundation suggests the average cost of turnover to employers is $13,355 per full-time private-sector employee replaced. Keep in mind, this study was done several years ago so chances are this figure has risen considerably. Still it is enough to be troubling. Using this figure, calculate what this could mean for a business with 100 employees and a turnover rate of just five percent a year. Such an employer would replace five employees at an average replacement cost of $13,355... for a [...]

By | September 11th, 2018|Categories: Articles, HRP Blog|0 Comments

QBI Deduction Provides Tax Break to Pass-Through Entity Owners

The IRS recently issued proposed reliance regulations to help clarify the new qualified business income (QBI) deduction that was introduced as part of the Tax Cuts and Jobs Act. This guidance is complex and hundreds of pages long. As part of the proposed regs, the IRS explained that, if certain requirements are met, individuals, estates and trusts (all referred to as "individuals" by the proposed regs) that own interests in more than one qualifying trade or business can (but aren't required to) aggregate them, by treating them as a single trade or business. The regulations [...]

By | September 6th, 2018|Categories: Articles, HRP Blog|0 Comments

Take Special Care with Uncashed Paychecks

The Scenario: Your company issues a final paycheck to an employee who is moving out of town and leaves only a forwarding address. A year later, the check still hasn't been cashed despite several letters your company has sent offering to void the original and reissue the check. You know that your bank won't cash the check now and you would like to just void it in your records and return the money to your general account The Reality: You can't do that. Uncashed paychecks are a business liability that can be extinguished only when they [...]

By | September 6th, 2018|Categories: Articles, HRP Blog|0 Comments

The Ins and Outs of Garnishing

Garnishing an employee's wages can be inconvenient, but there is little you can do about it. When one of your employees fails to pay a debt or owes the government money, a court may issue an order to withhold income, which means your company takes money from the employee's paycheck and forwards it to the debtor. Courts typically order garnishments on, among other debts, child support, unpaid taxes, and defaulted student loans. When your company receives a garnishment order, federal and state laws kick in to protect the employee. For example, Title III of the [...]

By | August 21st, 2018|Categories: Articles, HRP Blog|0 Comments

How Tax Reform Affects Tax Planning for C Corporations

One of the biggest changes under the Tax Cuts and Jobs Act (TCJA) is the permanent installation of a flat 21% federal income tax rate for C corporations for tax years beginning after 2017. The new 21% rate applies equally to personal service corporations (PSCs). (Under prior law, PSCs were taxed more heavily than other C corporations.) This is great news if you own or manage a C corporation, including a PSC. Here are some specific tax planning considerations for these entities under the TCJA. Defer Business Income With the reduced federal income tax rate [...]

By | August 21st, 2018|Categories: Articles, HRP Blog|0 Comments

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