Careers

Category: Benefits

  • Hiring Independent Contractors? Make Sure They’re Properly Classified

    Hiring Independent Contractors? Make Sure They’re Properly Classified

    As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an…

  • What Are the Key Distinctions Between Layoffs and Furloughs?

    What Are the Key Distinctions Between Layoffs and Furloughs?

    As businesses across the country grapple with the economic fallout from the novel coronavirus (COVID-19) pandemic, many must decide whether to downsize their workforces to lower payroll costs and stabilize cash flow. If your company is contemplating such a move, you’ll likely want to consider the choice within the choice: that is, should you lay…

  • Give Your 401(k) Plan a Check-up at Least Once a Year

    Give Your 401(k) Plan a Check-up at Least Once a Year

    In many industries, offering a 401(k) plan is a competitive necessity. If you don’t offer one and a competitor does, it could mean the difference in a job candidate’s decision to accept their offer over yours. It could even send employees heading for the door. Assuming you do offer a 401(k), the challenge then becomes…

  • New Law Provides a Variety of Tax Breaks to Businesses and Employers

    New Law Provides a Variety of Tax Breaks to Businesses and Employers

    While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension…

  • Holiday Parties and Gifts Can Help Show Your Appreciation and Provide Tax Breaks

    Holiday Parties and Gifts Can Help Show Your Appreciation and Provide Tax Breaks

    With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses. Are they tax deductible by your…

  • Some Business Owners Can’t Participate in Their Own Companies’ HRAs

    Some Business Owners Can’t Participate in Their Own Companies’ HRAs

    Many companies now offer health reimbursement arrangements (HRAs) in conjunction with high-deductible health plans (HDHPs). HRAs offer some advantages over the perhaps better-known HDHP companion account, the health savings account (HSA). If you’re considering adding an HRA, you might assume that, as a business owner, you can participate in the HRA. But this may not…

  • Grading the Performance of Your Company’s Retirement Plan

    Grading the Performance of Your Company’s Retirement Plan

    Imagine giving your company’s retirement plan a report card. Would it earn straight A’s in preparing your participants for their golden years? Or is it more of a C student who could really use some extra help after school? Benchmarking can tell you. Mind the basics More than likely, you already use certain criteria to…

  • Should Your Health Care Plan Be More Future-Focused?

    Should Your Health Care Plan Be More Future-Focused?

    The pace of health care cost inflation has remained moderate over the past year or so, and employers are trying to keep it that way. In response, many businesses aren’t seeking immediate cost-cutting measures or asking employees to shoulder more of the burden. Rather, they’re looking to “future-focused” health care plan features to encourage healthful…