A: Be sure you are counting ALL the costs; including risk and liability! How much time do you spend on payroll and administrative duties? How do you handle employee complaints? How do you keep up with changing regulations, withholding rates and government forms? More importantly, would you pass an audit if the IRS or Department of [...]
A: How about retirement plan compliance? How about maximizing tax advantages for yourself? We hear this all the time: “I am such a small organization with only one employee. I don’t need all of your services!” Unless this employee is a relative, you may have more risk than a business with 20 employees. Think about this. [...]
A: Employee-related litigation has skyrocketed. In local, state and Federal Courts, employee class action suits have increased more than 72% since 2007. You don’t want to make your business more vulnerable to a lawsuit than need be. The most important thing to remember is to be proactive, not reactive, to a situation. It is critical to [...]
A: According to the IRS, if you manage the business or work in it you MUST pay yourself W-2 wages. S-Corps and LLC’s with S-Corp elections often offer great tax advantages and reduced liability to the owner, so make sure you are getting the most bang for your buck. One of the quickest ways to ensure [...]
A: You just may be; the IRS thinks 90% of contractors are misclassified! You may believe that hiring an employee and classifying them as an independent contractor (paying them using a 1099) is best and saves you money. Be Careful! The regulations on 1099 contractors vs. W2 employees is a hot topic in court cases today [...]
A: Be sure you understand your obligations before day one. Payroll, liability, and risk. The moment you become an employer, you are responsible for payroll taxes, benefits, retirement plans, hiring, firing – the list goes on. Employees are your biggest asset, but also your biggest liability. Your administrative burden of having employees will grow right along [...]
Create employee files and electronically store all employee records in accordance with federal and state regulations Issue payroll checks, W2’s, and 1099’s Offer direct deposit to multiple employee accounts Provide collection, payment and filing of ALL taxes including federal, state, local, SUTA, FUTA, workers’ comp, and state disability where mandated Create Payroll Cost reporting so you [...]
Offer selection of medical plans: fully insured and self insured, as determined by advisor Customize Cafeteria plans to any need Administer employee benefits including Health, Life, Dental, Disability, Supplemental Accident and Vision Collect, pay, and file all insurance deductions/premiums, including medical and retirement Create annual employee benefits statements Ensure benefits compliance with pension plan, COBRA, and [...]
Leverage best practices for recruitment strategies Review and analyze resumés to develop a qualified pool of candidates for first interview Rank and review applicants based on first interview evaluations. Provide list for final interview and a final interview strategy Implement leadership training, management consulting and employee training programs Complete and evaluate performance reviews and employee opinion [...]
Create employee handbooks including your specific policies, with state-neutral or state-sensitive language Develop employer/employee agreements, contracts and other Policy and Procedure Manuals Ensure proper employee classification regarding W2 vs. 1099 and exempt vs. non-exempt Conduct background checks including credit, criminal and previous employer, and pre-employment screening and testing; drug testing Account for vacation, sick and personal [...]