Watch the Language in Employee Handbooks
Your company needs an employee handbook or personnel manual to ensure that everyone understands the policies, procedures and rules. But improperly drawn, a handbook or manual can create a binding obligation that can be used against you. What you don’t want is for the documents to be interpreted as an employment contract. Keep that in…
Help Make Incurred Cost Submissions Less Laborious
No matter how much we try to streamline and automate the incurred cost submission preparation process, it’s a hard-and-cold fact that it always presents unique challenges for contractors. It is rare for contractors to be able to take the Defense Contract Audit Agency (DCAA) Incurred Cost Electronically (ICE) model, enter their setup information, import their…
An Easier Way to Screen Applicant Resumes
Screening job applicants is a cumbersome process but you can save time and money by making your company’s website an integral part of your recruiting strategy. How? Design an online career center and applicant screening program. You can hire a firm to handle the task, or if your company has skilled IT staff, you can…
Employee or Independent Contractor? Classify Workers Correctly
The IRS has publicly stated it is cracking down on organizations that improperly classify workers as independent contractors instead of employees. Are you confident that your employee classifications would stand up to IRS scrutiny? Understand the Requirements If a worker is an employee, your not-for-profit organization must provide a Form W-2 annually and withhold income…
Stay on Top of Retirement Tax Angles
Compounding of earnings and starting to save early have a tremendous positive effect on how much you accumulate for retirement. But to make the most of compounding, you also need to be smart about taxes.If you don’t plan ahead, the federal and state governments could collect a huge portion of your retirement savings. Uncle Sam can…
Do You Owe the AMT?
American educational reformer Horace Mann called education “the great equalizer.”1 In football, it’s been said that turnovers are the great equalizer. And anyone who’s ever watched CBS’s “The Amazing Race,” knows airport delays are the equalizer in a race around the world. In taxes, there’s also an equalizer of sorts. It’s called the alternative minimum tax (AMT)….
How Will Working after Retirement Affect Your Social Security Benefits?
In one survey, 79% of current workers stated they plan to work for pay after retiring.1 And that possibility raises an interesting question: How will working affect Social Security benefits? To answer that question requires an understanding of three key concepts: full-retirement age, the earnings test, and taxable benefits. Full Retirement Age Most workers don’t face an…
Estate Tax Planning Tips for Single People
Estate planning is an important part of your overall wealth management strategy, especially if you’re unmarried. Single parents may worry about who will care for their minor children and whether their surviving kids’ financial needs will be met until adulthood. Likewise, wealthy single people have less flexibility when it comes to shielding transfers from gift and…
Court Rules Favorably for Business Continuity Plan
Law firms are always looking for creative ways to maintain the firm’s continuity if one of the major partners dies. Many enter into buy-sell agreements, which sell the interests of a deceased or departing owner to the remaining partners using a predetermined price or formula. The 11th Circuit Court of Appeals gave companies another buy-sell continuation…
Are Your Business Insurance Bases Covered?
Insurance can be complicated, and reading every word of an insurance contract could leave you comatose. That’s where the expertise of insurance professionals comes into play. A seasoned advisor who understands the risk profile of your business will be invaluable. Before you choose a representative, however, you should know how an insurance agent differs from…