Recent News2017-07-03T16:34:54+00:00

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Ideas to Strengthen Your Business in 2019 and Beyond

New Year's is traditionally a time to make resolutions for the upcoming months. Once you set your personal goals, it's time to get serious about your business goals. Here are ten resolutions you might consider making — and sticking to — to put you on track to prosper in 2019. 1. Compare 2018 financial performance to the budget. Did you meet the goals you set at the beginning of 2018? If not, why? Analyze variances between budget and actual results, and evaluate what changes you could make to get closer to achieving your goals this [...]

By |January 15th, 2019|Categories: HRP Blog|0 Comments

Important Tax Figures for 2019

The following table provides some important federal tax information for 2019, as compared with 2018. Many of the dollar amounts are unchanged and some changed only slightly due to inflation. Social Security/ Medicare 2019 2018 Social Security Tax Wage Base $132,900 $128,400 Medicare Tax Wage Base No limit No limit Employee portion of Social Security 6.2% 6.2% Employee portion of Medicare 1.45% 1.45% Individual Retirement Accounts 2019 2018 Roth IRA Individual, up to 100% of earned income $   6,000  $  5,500 Traditional IRA Individual, up to 100% of earned Income $   6,000 $   5,500 Roth [...]

By |January 15th, 2019|Categories: HRP Blog|0 Comments

Dealing with Child Support Withholding Orders

A whopping 75% of all child support is collected through employer-based income withholding orders (IWOs), according to the federal Office of Child Support Enforcement (OCSE). In the most recent year for which figures are available, that amounted to $32 billion. The latest information from the Census Bureau indicates that nearly half of the country's 13.4 million custodial single parents have some type of child support arrangement in place, with the average monthly payment at around $480. One reason those numbers are so large, besides a high divorce rate, is that systems have been established that [...]

By |December 31st, 2018|Categories: HRP Blog|0 Comments

Shave Payroll Costs for Shared Employees

If you run your business operations through two or more corporations, the different entities may share some of the same employees. In that case, you can save payroll taxes by using a "common paymaster." Instead of having each business pay Social Security and Medicare tax for shared employees, common paymasters remit the appropriate amount of tax just once. In other words, no more tax would be paid than would be the case with a single employer. The savings apply to employees who on a combined basis earn more than the Social Security tax wage ceiling, [...]

By |December 31st, 2018|Categories: HRP Blog|0 Comments

Balance Your Right to Monitor Communications with Employees’ Privacy Rights

You may have legitimate reasons for monitoring some of your employees' communications at work, particularly emails generated on company servers. Creating a policy to monitor such activities requires a delicate balancing act to protect your company and gain access to the information you need, without violating employees' legal privacy protections. Reasons to Monitor Emails Why would an employer need to monitor employees' communications at work? Valid reasons for such oversight include: To assess productivity. If an employee is missing deadlines or underperforming, you might want to evaluate how much time he or she is spending [...]

By |December 31st, 2018|Categories: HRP Blog|0 Comments

DOL Pitches Auto-Portability Program to Preserve Retirement Savings

The U.S. Department of Labor (DOL) is advancing a proposal that would enable 401(k) plan sponsors to automatically transfer account balances up to $5,000 of former participants who have left the company. The amounts would be transferred to the 401(k) plan of an employee's new employer. Assets transferred using this "auto portability" approach would make an intermediate pit stop in an IRA before landing in the former employee's new employer's plan. Here's what you need to know. Proposed Exemption The DOL took two simultaneous actions with this proposal: First, it asked for public comment on [...]

By |December 16th, 2018|Categories: HRP Blog|0 Comments

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