For businesses, so much has changed over the past year or so. The COVID-19 pandemic hit suddenly, and companies were forced to react quickly — sending many employees home to work remotely and making myriad other tweaks and revisions to their processes. Understandably, you may not...
Many businesses use independent contractors to help keep their costs down. If you are among them, make sure these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be a costly error. It can be complex to determine...
Employers that sponsor employee benefit plans under the Employee Retirement Income Security Act of 1974 (ERISA) face many challenges. Not the least of these is cybersecurity. In an effort to help, the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) recently issued guidance identifying best...
Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance under a ‘qualified educational assistance program.’ For this...
During the pandemic, many employees have postponed using their allotted paid time off until COVID-related restrictions are lifted and safety concerns subside. This situation has caused an increase in accruals for certain employers. Here is guidance to help evaluate whether your company is required to...
No matter what an employer’s purpose, be it a for-profit company or government agency, financial solvency and strength must be a major objective. An organization capable of not just meeting the budget but beating it stands a much greater chance of accomplishing strategic objectives, ensuring...
In a society increasingly conscious of well-being, and the costs of health care benefits remaining high, many businesses have established or are considering employee wellness programs. The Centers for Disease Control and Prevention (CDC) has defined these programs as “a health promotion activity or organization-wide...
Under the Internal Revenue Code, an employer would typically be penalized for failing to deposit certain federal employment taxes by the designated deadline. Examples include deposits of withheld income taxes and Federal Insurance Contributions Act taxes. However, the IRS recently provided additional penalty relief for employers...
Not all red flags lead to active occupational fraud schemes. But when fraud is occurring, it usually leaves traces — for example, accounting anomalies — for fraud experts and other knowledgeable people to find. Owners and executives, as well as rank-and-file workers, should be familiar...
As efforts continue to get as many Americans as possible vaccinated against COVID-19, employers are contemplating their roles — with many already taking action. If your organization has yet to formally decide on how openly you wish to push employees to get inoculated, it is...