Spot Your Rising Stars
Once the team is in place, it is generally up to the managers to continue to monitor members’ development. They seek to identify those individuals likely to contribute most to the company. Especially in a smaller startup, it is helpful to recognize exceptional competency while the operation is still in its early stages. With an […]
The 1099 Story: Which Version Should You Be Using?
As each calendar year draws to a close, many businesses have to think about their tax filing responsibilities. It can be confusing to figure out which forms to send out, especially as the IRS made some changes to its venerable Form 1099-MISC, Miscellaneous Information, a few years ago and assigned some of its former responsibilities […]
General Advice on Payroll Security
While it’s highly unlikely that you will be held responsible in the event that a third party hacks your payroll system, a data leak like that will more than likely result in negative outcomes, not only for you and your employees but between the two of you as well. One of the biggest risks of […]
IRS Publishes Numbers for 2024
It’s never too early to think about taxes! The IRS has already issued numbers to help you understand what the 2024 tax situation will be like. Below is a summary. The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from tax year 2023. For single […]
What Employees Need To Know About Income Tax Withholding
Workers who are considered employees do not have to pay their own taxes during the year. Instead, employers withhold income tax from their employees’ paychecks and pay it to the IRS on behalf of the employee. Now, if not enough tax is withheld from each employee’s paycheck, then the employee might end up receiving an […]
Recordkeeping for Tax Purposes
Any recordkeeping system that suits you and your company and clearly shows your income and expenses is OK with the IRS. It’s the business you’re in that affects the type of records you need to keep for federal tax purposes. And for how long should you keep records? For as long as needed to prove […]
Form I-9 Basics
Form I-9 has been modernized, allowing E-Verify employers to remotely examine I-9 documents. All U.S. employers must complete Form I-9 for everyone hired — citizens and noncitizens alike. On the form, employees attest to their employment authorization, presenting acceptable documents as evidence of identity and said authorization. Employers examine the documents to see that they […]
Continuing Education: Everyone Wins
The cost of education involves time and money. Investing in training for your employees upgrades their skills, making them more innovative and productive, as well as more loyal to your business. You’ll be helping your workers reach their full potential. To keep costs under control, get creative by bringing mentors in-house, offering time off to […]
The Johari Window: A Strategy for Improving Team Communication
Healthy communication among team members heavily contributes to the culture, organization and performance of the workplace. So, when communication breaks down or becomes uncomfortable among team members, the productivity of everyone in the workplace will likely suffer. However, this isn’t an inevitable outcome that employers and employees alike have to accept. Instead, there are ways […]
2023 FUTA Credit Reduction
In recent developments, we want to bring your attention to a significant change that may impact your small business’s payroll—the 2023 Federal Unemployment Tax Act (FUTA) credit reduction. Understanding the implications of this adjustment is crucial for maintaining financial stability and staying compliant. What is the FUTA Credit Reduction? The FUTA credit reduction is a […]