Bonuses are often excellent motivational tools for workers, irrespective of the size of the business. However, they can also become a waste of resources if they are administered incorrectly. The manner in which bonuses are given and structured is extremely important, as they can provide employee incentives for superior performance. However, businesses should not restrict themselves to bonuses, and should always be on the lookout for incentives that can be used as an alternative.
At some points, many small businesses will need to reimburse their employees tax free for healthcare expenses. The good news is that there are four ways in which this can be done. These reimbursement option plans will help your business meet its objectives, but it is important to understand how each plan works and the differences between them. These four plans are healthcare reimbursement plans, health savings accounts, flexible spending accounts and health reimbursement arrangements.
Form 941-X, which is also known as the “Adjusted Employer’s Quarterly Federal Tax Return,” is a form which is used for the purpose of correcting any errors which were made on previous 941 reports. This form must be filed whenever an error is found on any 941 form that has been filed in the past, but it is not necessary to file it if the error is associated with part 2 of Form 941 or the number of workers who were paid.
Health Savings Accounts are financial based and combined with an HDHP, or high deductible health plan. HSAs provide tax advantages and can be used to pay for a number of medical expenses. A growing number of employers are providing their employees with HSAs, and it is important to familiarize yourself with the HSA contribution limits for 2017. These contribution limits may be adjusted annually by the IRS.
Small business owners that make contributions for the healthcare of their employees must ensure they’re not making any mistakes which could become costly. The best way to extend small business healthcare benefits is by understanding small business healthcare benefit compliance. Below are some common mistakes that small business owners will want to avoid:
Are you running a restaurant business where your employees stand to be remunerated partially via tips? The tips which employees earn are subject to withholding tax, which means that employers should report them. Below are some guidelines and procedures for doing this.
The chances of being audited by the IRS depend on a variety of different factors. Many business owners will go an entire lifetime without receiving a single audit, while others will face them every few years. Statistically speaking, 99 percent of returns will not be audited, which means that your chances of receiving one is a little like winning the lottery, unfortunately without the benefits that entail. Here are a number of factors that will substantially increase your chances of audited:
The Obama administration has made a number of recent changes to the Affordable Care Act which is meant to deal with some of the challenges which are associated with it. A number of people have had difficulty interpreting the networks, coverage and fees which pertain to ACA, and this has made it difficult for them to make informed decisions. Get to know three major adjustments which will go into effect in 2017:
Rising healthcare insurance costs affect everyone, including workers, their employers and medical professionals. There are a number of factors which cause these price increases, and understanding them can make it easier to manage healthcare costs in a more beneficial manner.
A lot of changes have occurred within the last year which will require attention to detail when preparing for the 2016 tax season. The good news is that your HR department can play a supporting role to ensure important goals are met. Below are some things to keep in mind for this year: