Determining employee classification is a vital part of running your business. It can be easy to confuse an employee for an independent contractor and vice versa, but doing so will cause you a lot of problems later on.
Typically your average employee will be willing to put in a sufficient amount of effort at work to keep the gears turning and ensure they will still have a job the next day. While the ideal scenario is that everyone under your employment is constantly striving to go above and beyond, this isn’t always the case. That is why many companies allow the option for their employees to invest in stock options. It used to be that stock options were offered to top management and particular key employees in order to tie their interests in with those of the company. However, recently employers are beginning to consider all of their employees to be key assets to the company, so the number of people holding stock options has increased significantly.
Halloween is a time for spooks, scares, and a little bit of light-hearted fright. Whether you’re celebrating with candy, costumes, or simply enjoying the amazing pumpkin-flavored everything that comes with the season, you shouldn’t have to deal with a scary payroll. This year October 31st falls on a Monday, meaning many payroll and HR professionals will be working hard to get their employees’ checks processed to meet a Friday payday.
One of the most important things hiring managers need to do for new hires is provide them with all the necessary materials and training they will need in order to perform their jobs properly. There are different methods available, but the main concern is figuring out which method is best for your employees. Some methods can be more cost effective than others, while other methods may offer better learning styles that your employees may be more accustomed to. Some of the methods that are most commonly used for training employees are instructor-led training, interactive training, and technology-based training. Whatever method you choose should be best suited to your company’s needs.
When dealing with the world of taxation, it’s important to know the intricate details so you can avoid fees and penalties. In this blog, I want to specifically cover deductible taxes versus non-deductible taxes. A tax deduction is a reduction in the income that is able to be taxed, essentially lowering the amount of taxes paid. The line between whether a certain tax expense qualifies as a tax deduction or not can be somewhat convoluted at times. If you deduct an expense that doesn’t qualify, it could cause you to face a tax notice or audit. While deductible expenses reduce your tax liability, non-deductible expenses don’t impact your tax bill whatsoever. Some expenses are always deductible, others can never be deducted, and others still are only deductible under specific circumstances.
If you’re an employer and you are considering hiring aliens (or have already done so), there are certain parameters you will need to be in compliance with in regards to the reporting and withholding of federal taxes. The first thing you will need to do is identify all aliens on the company’s payroll (an alien is considered any non-U.S. citizen). You’ll want to divide these employees into Resident Aliens and Nonresident Aliens, which is determined by Internal Revenue Code section 7701(b) or by a tax treaty.
The world of HR has been overwhelmed over the past few years with the madness that is the Affordable Care Act (ACA). With the roll out of this new legislation has come much confusion around the topic. ACA has presented business owners with many new compliance issues to concern themselves with and a lot of new ‘jargon’ to read up on as well. One of those topics is the Cadillac Tax. While it has been delayed (currently until 2020), you will need to be aware of this due to the hefty fines could impose on your business later on.
In the workplace, it can be difficult to find unique ways to encourage your employees to go above and beyond in their work. It isn’t uncommon to administer positive reinforcement such as free food or parties, which will keep your employees happy and motivated. You can also follow a negative reinforcement method, though that is usually far less effective. A third, and more underutilized, method is gamification. This is a great way to get your more competitive employees to compete with one another, thus increasing productivity and creating a more fun, lighthearted work environment.