Here are two critical questions: How often are Workers' Compensation claims filed against your company? And how often do you contest them? The answers are important. The National Council on Compensation Insurance recently estimated that 25 too 33 percent of all Workers' Compensation claims are invalid, yet less than 10 percent of these claims are [...]
The IRS recently provided transitional guidance about the deductibility of expenses for business meals that are purchased in an entertainment context. (IRS Notice 2018-76) The Basics Businesses can deduct ordinary and necessary expenses paid or incurred during the tax year in carrying on a trade or business. Before it was amended by the Tax Cuts [...]
For a variety of reasons, many employees regularly supplement their base salaries with overtime pay. Some companies encourage the practice because managers believe it keeps the workflow on track during the busiest times. This may seem like a win-win situation, but there can be some hidden costs involved with working too much overtime. The biggest [...]
The Tax Cuts and Jobs Act (TCJA) establishes a new federal income tax credit for employers that provide qualifying paid family and medical leave benefits to their employees. This credit is only available for two employer tax years — those beginning between January 1, 2018 and December 31, 2019 — unless Congress extends the deal. [...]
Did you know that the TaxCuts and Jobs Act (TCJA) eliminated itemized deductions for employees who incur unreimbursed expenses for company business for 2018 through 2025? Fortunately, you can set up a so-called "accountable plan" to minimize the adverse effects of this TCJA provision. Here's how the accountable plan deal works. Playing by a New [...]
Identity theft is a growing crime in this country and the liability risk of employers is increasing along with it. The reason is all the sensitive personal information collected from employees, job applicants, customers, independent contractors, business partners, patients and others. The Federal Trade Commission reports that every year, millions of Americans fall victim to [...]
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 [...]
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. [...]
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 [...]
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 [...]
