Yes, but keep in mind monetary gifts to employees are subject to special rules. Two main issues must be addressed: (1) whether the gift will create excessive compensation, and (2) whether the gifts given by individual(s) will be tax-deductible. It's wise to engage a compensation...
Question: What should we include in an attendance policy? Answer: Generally, an attendance policy should outline your attendance expectations, the procedures your employees should follow if they’re going to be late or absent, and the consequences when your policy isn’t followed. Your expectations should include how you...
Becoming an S corp provides you with added liability protection and advantageous tax benefits. However, these advantages come with certain requirements. Besides compliance rules about domestic ownership and share maximums, you must also make sure to pay yourself a salary. To make paying a salary...
Employers who hire people from certain groups can reduce the tax they owe when they claim the Work Opportunity Tax Credit on their federal tax return. To claim the credit, an employer must first get certification an individual is eligible. This credit is extended through the end of...
Question: A manager asked if they could call and not just email the candidates who were interviewed but not selected. Is this a good idea? Answer: There’s nothing wrong with calling candidates to let them know they weren’t selected, but whether it’s a good idea really...
Because clergy are exempt from tax withholding on their paychecks, they will usually need to make Estimated Tax Payments throughout the year to ensure that their taxes are paid. If you don’t do it, it can result in penalties. If you expect to owe at least...
Managing payroll and handling other tasks for your clients is much more challenging without access to complete and accurate data. Utilizing systems that track employee time is vital to saving time, reducing costs, and building a stronger relationship with your clients. Payroll accuracy will improve...
As a small business owner, it’s essential to stay up to date on changes to HR laws. Depending on what state you run your business in, your payroll may need to adjust for a minimum wage hike in 2025. Additionally, many municipalities have specific minimum...
The SECURE 2.0 Act makes it easier for qualified individuals impacted by a federally declared major disaster to access their retirement savings. Eligibility A taxpayer may be eligible for relief that provides for expanded access to their retirement funds if their principal residence was in a...
Question: How do we address performance issues discovered during an employee's leave of absence without it seeming retaliatory for taking leave? Answer: Taking disciplinary or corrective action following a leave of absence comes with additional risk, but there are a few steps you can take to...