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Employee Benefits

Retirement saving options for your small business: Keep it simple

Employee Benefits, Employees, IRA, Retirement, Savings Incentives Match Plans for Employees (SIMPLEs), Simplified Employee Pension (SEP), Small Business, Small Business Tax Tips /

If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved, there are a couple of options to consider. Let’s take a look at a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE). SEPs are intended […]

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Choosing a business entity? Here are the pros and cons of a C corporation

C Corporations, Compensation and Benefits, Employee Benefits, Federal Income Tax, Income Tax, Small Business, Small Business Owners /

If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a summary of the major advantages and disadvantages of doing business as a C corporation. A C corporation allows the business to be treated and taxed as a separate entity from you as the principal owner.

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Choosing a retirement plan for your small business

401K, Employee Benefits, Employees, Retirement, Roth IRA, Savings Incentives Match Plans for Employees (SIMPLEs), Small Business /

Most growing small businesses reach a point where the owner looks around at the leadership team and says, “It’s time. We need to offer employees a retirement plan.” Often, this happens when the company is financially stable enough to administer a retirement plan and make substantive contributions. Other times it occurs when the business grows

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Is your business required to report employee health coverage?

Company Health Care Plans, Employee Benefits, Employees, Form W-2, Health Care, Small Business /

As you’re aware, certain employers are required to report information related to their employees’ health coverage. Does your business have to comply, and if so, what must be done? Basic rules. Certain employers with 50 or more full-time employees (called “applicable large employers” or ALEs) must use Forms 1094-C and 1095-C to report the information

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Provide employee parking? Here’s what the IRS wants to know

Employee Benefits, Fringe Benefits For Employees, Small Business /

Many offices, plants and other business facilities are once again filled with real, live people. And those hard-working employees need somewhere to park. If your company provides parking as a fringe benefit — either on or near your premises or at a location from which employees commute — the IRS may take an interest in

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No parking: Unused compensation reductions can’t go to health FSA

Compensation and Benefits, Employee Benefits, Employees, Fringe Benefits For Employees, FSA /

Among the many lasting effects of the pandemic is that some businesses are allowing employees to continue working from home — even now that the most acute phases of the public health crisis seem to be over in some places. This decision is raising some interesting questions about fringe benefits. For example, in IRS Information

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ERISA and EAPs: What’s the deal?

(COBRA) Consolidated Omnibus Budge Reconciliation Act, EAP (Employee Assistance Program), Employee Benefits, Employees, ERISA (Employee Retirement Income Security Act /

In recent years, more and more businesses have increased efforts to support the well-being of their employees. This means not only providing health care benefits but also offering other initiatives designed to help workers cope with challenges such as substance dependence, financial planning, legal woes, and mental health issues. Among the options usually considered is

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Providing a company car? Here’s how taxes are handled

Company Car, Corporations, Employee Benefits, Employees, Fringe Benefits For Employees, Small Business, Tax Deduction, Vehicle Expenses /

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefit of getting a company car.) Plus, current

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Thinking about participating in your employer’s 401(k) plan? Here’s how it works

401K, Contributions, Employee Benefits, Employees, IRA, Retirement, Roth IRA, Small Business, Tax, Tax Planning /

Employers offer 401(k) plans for many reasons, including attracting and retaining talent. These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about participating in a plan at work, here are some of the features. Under a 401(k) plan, you have the option of setting aside a certain

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