From Texas to Florida, a large swath of the United States was recently slammed with back-to-back hurricanes, leaving flooded streets, damaged buildings and wreckage all around. Huge economic costs will be associated with these hurricanes.
Financial Services Blog
We know that the accounting and tax issues involved with employer-provided benefit plans can be overwhelming. That's why we can assist with the accounting and tax issues of development and implementation of your employee benefit plan. In addition, we work with several third-party administrators that will assist in the administration of the plan. Now is the time to begin preparing your employee benefit plan for open enrollment, which is a quick 45 days from November 1st through December 15th.
To stay competitive, employers must invest in a comprehensive Employee Benefits plan to attract and retain talent. When employees are offered the benefits they most desire, they'll feel valued, will miss fewer workdays, and will be less likely to quit. Open Enrollment is quickly approaching and you need to be aware of all the adjustments that your benefits have. Here are some essential tips for employee benefits plans and how Lindemeyer, CPA can help.
Employee Benefits Required By Law
The law requires employers to provide employees with certain benefits including:
- Time off to vote, serve on a jury, and serve in the military.
- Comply with all workers' compensation, which is insurance that covers employment-related injuries and illnesses.
- Withhold FICA taxes from employees' paychecks and pay your own portion of FICA taxes. This provides employees with retirement and disability benefits.
- Pay state and federal unemployment taxes, which provides benefits for unemployed workers.
- Contribute to state short-term disability programs. More information can be found on Kentucky's Health and Family Services website.
- Comply with the Federal Family and Medical Leave (FMLA), which is designed to help employees balance their work and family responsibilities by allowing them to take reasonable unpaid leave for certain family and medical reasons.
IRS guidance on the tax treatment of cryptocurrencies already exists. Right now, the IRS considers cryptocurrencies to be "intangible assets." As a result, they are subject to capital asset treatment. However, recent developments complicate matters.
At Lindemeyer, CPA, we are excited that we are growing as a company and expanding our resources for clients! We are thrilled to be offering a new position and opportunity, which you can learn more about in this blog or by visiting our Careers page.
Quarterly financial planning should fit in your annual plan and on a grander scale, your 3-5 year plan as well. Financial planning will allow your business to be run in a more controlled manner as all company expenses should be made within a predetermined budget. Financial planning can help identify problems before they occur and by doing so, can help determine the direction of business when quick decisions need to be made.
Businesses rely on effective financial planning to succeed. Two of the most common business reports used for strategy sessions are financial forecasts and projections. These reports are very similar and yet are developed and utilized in different ways. If you are starting a business and possibly seeking investors or looking for the best way to expand your existing business, then knowing how to produce and apply this type of financial information can help you plan effectively for the future of your business.
You can pay off your mortgage, never again seeing a bill from the bank for principal or interest, but you can never pay off your property taxes. Property taxes also, unfortunately, only seem to go one way – UP! You’ll never be able to get rid of your property taxes completely, but you can take steps to lower them or reduce increases.
Keeping up with the cash flow for your business is essential if you want to get and stay profitable. You do this primarily by tracking the money in (sales) and the money out (expenses). This makes sense, of course, but it isn't always easy to achieve - especially if you are a small business owner and must wear the "bookkeeper cap" to accomplish it. And getting behind in bookkeeping tasks can create an overwhelming accounting mess that could threaten the long-term health of your business.
If you own a business, then you know that "maintaining the books" is crucial for success. Knowing the ebbs and flow of cash through your business is essential to productivity, efficiency, regulation compliance, and growth. But did you know that actually handling the bookkeeping tasks in-house is not a necessity? And especially for small businesses, it can be a burden or even a hindrance to your business' success. Outsourcing the bookkeeping function could offer an important advantage to building and maintaining a viable business and it's even easier now with so many online capabilities available.
Bundled in with a 2015 law, Congress gave the IRS a directive to give private debt collection agencies the task of collecting certain types of delinquent tax debt. This isn’t a first; in fact, a similar tactic was attempted about two decades ago resulting in a myriad of complaints about harassment and dubious collection practices. Another stab at private collection was again attempted during George W. Bush’s tenure in office and yielded similar results.