Jul 302014
 

Payroll is an important aspect of running a business with employees. An efficient and organized process can make payroll less cumbersome and costly. Here are seven simple and effective payroll tips that can benefit every business owner.   1. Get the required information upfront. Make it standard practice to collect the necessary information from employees and independent contractors, including proof of identification, EIN/social security numbers, and W-4/I-9 tax information, at the start of a working relationship. (If you hire new employees, report the event to the state within 20 days). Though you may not pay an independent contractor enough to necessitate issuing a formal W-2 at the end of the year, having the required information on hand will reduce the [...]

Dec 102008
 
Final Rules - Newborns' and Mothers' Health Protection Act

Image via Wikipedia Effective December 19, 2008, the final rules on complying with the Newborns’ and Mothers’ Health Protection Act of 1996 take effect. The law provides protection on how long mothers and their newborn infants may stay in the hospital following childbirth. Group health plans and health issuers may not restrict benefits for a hospital stay following childbirth to less than 48 hours (96 hours following a cesarean section). The issues clarified by the final regulations are: 1.) The attending provider determines that an admission is in connection with childbirth and when the hospital stay begins for purposes of applying the general rule. The provider will also determine when exceptions to the 48 or 96-hour rule will be made. [...]

Oct 152008
 
Commissions should produce the right sales

Oftentimes, employers build compensation plans to incent their employees to sell their product or service to obtain better sales results. What they often omit is ensuring that there is a balance between new sales and retention, both of which we will discuss. If you have a variety of products/services, and offer an incentive for a designated dollar amount of sales, then your salesperson can sell any level of product as long as they get to or exceed that designated dollar amount. It is a more profitable system to determine, in advance, what is your highest margined product/service and be sure that there is enough goal to ensure that the salesperson focuses the right amount of attention on that segment. An [...]

Sep 102008
 

According to the US Department of Labor, The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for retirement and health benefit plans in the private industry. ERISA requires that those who establish plans must meet certain minimum standards. ERISA requirements provide that those individuals who manage plans must meet certain standards of conduct. The law also contains detailed provisions for reporting to the government and disclosure to participants. There also are provisions aimed at assuring plan funds are protected and that participants who qualify receive their benefits. ERISA confers substantial law enforcement responsibilities on the Department of Labor. Part five of Title I of ERISA gives the Department authority to bring a [...]

Jul 252008
 

One of our readers pointed out that the IRS recently updated its test for determining whether or not an employee is an independent contractor. The following information was copied from their website: http://www.irs.gov/businesses/small/article/0,,id=99921,00.html Facts that provide evidence of the degree of control and independence fall into three categories: Behavioral: Does the company control or have the right to control what the worker does and how the worker does his or her job? Financial: Are the business aspects of the worker’s job controlled by the payer? (these include things like how worker is paid, whether expenses are reimbursed, who provides tools/supplies, etc.) Type of Relationship: Are there written contracts or employee type benefits (i.e. pension plan, insurance, vacation pay, etc.)? Will [...]