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Employees

The President’s action to defer payroll taxes: What does it mean for your business?

(CARES ACT), COVID-19, Employees, Payroll Tax, Small Business, Social Security, Tax, U.S. Treasury Department /

On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic. The action only defers the taxes, which means they’ll have to be paid in […]

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More parents may owe “nanny tax” this year, due to COVID-19

Employees, Employment Tax, Federal Income Tax, FICA, Form W-4, Independent Contractors, Nanny Tax /

In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in federal “nanny tax” obligations. Keep in mind that the nanny tax may apply to all household workers, including housekeepers, babysitters, gardeners, or others who aren’t independent contractors. If you employ someone

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Thoughtful onboarding is more important than ever

Employees, Human Resources, Small Business /

Although many businesses have had to reduce their workforces because of the COVID-19 pandemic, others are hiring or may start adding employees in the weeks or months ahead. A thoughtful onboarding program has become more important than ever in today’s anxious environment of safety concerns and compliance challenges.   Crucial opportunity  Onboarding refers to “[a formal]

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The tax implications of employer-provided life insurance

Employee Benefits, Employees, Federal Taxes, Life Insurance, Local Taxes, Medicare Taxes, Social Security, State Tax, Tax, Tax Planning /

Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income” The first $50,000 of group term life insurance coverage that your employer provides is excluded from taxable income and doesn’t add anything

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Reopening concepts: What business owners should consider

COVID-19, Employees, Small Business, Strategic Business Planning /

A widely circulated article about the COVID-19 pandemic, written by author Tomas Pueyo in March, described efforts to cope with the crisis as “the hammer and the dance.” The hammer was the abrupt shutdown of most businesses and institutions; the dance is the slow reopening of them — figuratively tiptoeing out to see whether day-to-day

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Assessing productivity as you cope with the pandemic

COVID-19, Employees, Human Resources, Marketing, Performance, Small Business /

The COVID-19 crisis is affecting not only the way many businesses operate, but also how they assess productivity. How can you tell whether you’re getting enough done when so much has changed? There’s no easy, one-size-fits-all answer, but business owners should ask the question so you can adjust expectations and objectives accordingly. Impact of remote

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PPP Flexibility Act eases rules for borrowers coping with COVID-19

(CARES ACT), Business Expenses, Coronavirus Aid (CARES Act), COVID-19, Employees, Paycheck Protection Program, Payroll & HR Functions, Small Business, Small Businesses Administration /

As you may recall, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) back in April to help companies reeling from the economic impact of the COVID-19 pandemic. Created under a provision of the Coronavirus Aid, Relief and Economic Security (CARES) Act, the PPP is available to U.S. businesses with fewer than 500

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Businesses revise sales compensation models during pandemic

COVID-19, Employees, Sales, Small Business /

Economists will look back on 2020 as a year with a distinct before and after. In early March, most companies’ sales projections looked a certain way. Just a few weeks later, those projections had changed significantly — and not for the better. Because of the novel coronavirus (COVID-19) pandemic, businesses across a variety of industries

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How to succeed at virtual team building

COVID-19, Employees, Virtual Team Building /

Thanks to affordable technology, more and more companies have been allowing employees to work remotely in recent years. It’s become feasible to procure laptops, set up security protocols, use cloud servers and rely on employees’ home Wi-Fi connections to create functional virtual workspaces. In turn, many of these businesses have lowered overhead costs such as

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