GETTING SUMMER HELP? CLASSIFY PROPERLY

Don't subject your business to tax penalties by misclassifying employees and independent contractors. You can avoid misclassification by understanding how the law defines employment (we can help you with this), and by creating and following work-habit guidelines. Thoroughly review your work arrangement not only at the beginning of professional relationships, but regularly to ensure both you and your employee are on the same page

GONE: UNREIMBURSED EXPENSES DEDUCTION FOR EMPLOYEES

If you're an employee who has deducted unreimbursed job expenses in the past, know that this deduction is now no longer available under the Tax Cuts and Jobs Act. However, employers can consider reimbursing employees directly for the cost of expenses like tools, uniforms, travel or continuing education. Employers can still deduct those expenses on their business returns. Ask your employer about reimbursement.

IS YOUR BUSINESS SUSCEPTIBLE TO PAYROLL FRAUD?

Although you may not want to hear it, all businesses can be hit with payroll fraud. Find out how it happens and what you can do about it.

DO YOU HAVE A HOUSEHOLD EMPLOYEE? DON'T IGNORE THE NANNY TAX

It's simple enough to overlook this tax related to household employees. But you could be in trouble if you do. Here's why you'd better pay attention to the nanny tax.

EMPLOYEE MEALS: 50 OR 100 PERCENT DEDUCTIBLE?

Your business tax return could look a lot different depending on the circumstances of employee meals. Find out why and what you can do to get the most bang for your tax buck.

EMPLOYER COMPANY STOCK: RISKY OR WORTH IT?

Do you have too much of your employer's company stock in your 401(k) or other retirement plan? It's time to find out if you've made a smart or risky move.

FIVE HOME OFFICE DEDUCTION MISTAKES

The home office tax deduction is a tricky area of the tax code. Some taxpayers are so wary of the deduction that they simply opt not to take it. If you're in this group, read the common mistakes and then get help. Don't miss out on this tax benefit if it applies to you.

REAP THE BENEFITS OF HIRING YOUR CHILD FOR THE SUMMER

Your teenage child is probably eager to make some money this summer. Hiring him or her to work for your company may offer benefits to both of you.

HAVING PROBLEMS KEEPING EMPLOYEES?

Is retention of good employees a priority for your business? Consider conducting "stay" interviews. These meetings between managers and valued employees can provide insight into why your employees like their jobs, which in turn lets you know how to retain the employees. Conducted on a regular basis, generally more than once a year, stay interviews tell employees you're serious about accepting feedback and keeping them on the job.

KEEP AN EYE ON YOUR COMPANY'S CASH

Do you regularly monitor your company's cash accounts? Being aware of where your cash is going can help prevent theft or improper expenditures, which are among the chief sources of loss for small companies.

ARE YOU WORKING OVERTIME PREPARING FOR THE NEW LABOR RULES?

The U.S. Department of Labor updated the rules for paying overtime, and the changes take effect December 1, 2016. Under the new rules, salaried employees who earn less than $913 per week ($47,476 per year) will be eligible for overtime pay. That's double the annual exempt amount of $23,660 under current rules. Begin reviewing your payroll policies now to avoid penalties and fines for noncompliance. One important step is to start tracking hours for your salaried employees.

YOUR BUSINESS, YOUR SALARY

As the owner of your business, you are the decider of salaries for your staff. That's true for your own salary too.

PREPARE FOR NEW WELLNESS PLAN NOTIFICATIONS

Wellness programs, when provided as a fringe benefit as part of a cafeteria plan, can benefit both your company and your employees. But you may be collecting information about your employees that is regulated by several federal statutes, including rules on confidentiality and nondiscrimination. Beginning in January 2017, you'll need to provide your employees with a notice stating what information you collect, and how it will be used, along with other details.

ACCOUNTABLE PLANS ARE A WIN-WIN BUSINESS IDEA

Are you looking for a way to give your employees a tax-free benefit that is also tax-deductible for your business?

TAKE THESE STEPS TO HELP PREVENT FRAUD IN YOUR BUSINESS

How can you prevent employee fraud in your business? Here are four suggestions.

IMPROVE PRODUCTIVITY WITH HAPPY EMPLOYEES

Happy employees can have a positive impact on your operations, customer support, and profit level. Here are suggestions for keeping your workforce upbeat.

WHAT YOU NEED TO KNOW ABOUT HIRING SEASONAL WORKERS

If summertime is a busy time for your business, you may be ready to hire seasonal workers. Here are tax rules to keep in mind.
 

WILL HIRING SEASONAL WORKERS MAKE YOU SUBJECT TO AFFORDABLE CARE ACT PENALTIES?

Generally, having 50 or more employees means you need to provide health insurance or pay a penalty. But what happens when you hire workers who perform labor or services on a seasonal basis – for instance, just for the summer? In this case, the law provides an exception, based on the number of employees you have, and how many are seasonal workers. Contact us at (518) 798-3330 for more information.

BE AWARE OF 2016 PAYROLL RATES

The Social Security Administration announced the 2016 wage base for computing the amount of payroll tax will be $118,500, the same as 2015. The wage base is the maximum amount of wages subject to the social security portion of the payroll tax you may know as "FICA." The total FICA rate is composed of two parts and the rates for both remain the same for 2016. The social security tax portion is 6.2% of an employee's wages on amounts up to $118,500. The basic Medicare portion is 1.45% of an employee's wages, no matter the amount. Note that employers must also withhold an additional 0.9% Medicare tax on wages over $200,000.

WILL YOUR EMPLOYEES STAY AFTER THE HOLIDAYS?

A survey of employees and human resources professionals showed that what employees want and what the professionals think they want may not be the same. According to the survey, one in three employees is looking for a new job. Reasons include salary levels and lack of a clear career path. If employee retention is a problem at your company, perhaps you're not aligning your business interests with that of your employees. What to do? Start by asking employees what motivates them. The survey showed employees are willing to share – if you ask the right questions.