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 [...]