Tighten up billing and collections to mitigate economic uncertainties
While many economic indicators remain strong, the U.S. economy is still giving business owners plenty to think about. The nation’s gross domestic product unexpectedly contracted in the first quarter of 2022. Rising inflation is on everyone’s mind. And global supply chain issues persist, spurred on by events such as the COVID-19 lockdowns in China and […]
No parking: Unused compensation reductions can’t go to health 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 […]
SECURE 2.0 Act: Congress Eyes Further Retirement Savings Enhancements
In 2019, the bipartisan Setting Every Community Up for Retirement Enhancement Act (SECURE Act), the first significant legislation related to retirement savings since 2006, became law. Now Congress appears ready to build on that law to further increase Americans’ retirement security. The U.S. House of Representatives passed the Securing a Strong Retirement Act by a […]
Accounting for Leases and Software as a Service Webinar
Summary Please join Brian Mosier, CPA, CGFM, for a comprehensive webinar discussing the best practices for governments needing to implement and report on GASB 87, effective for fiscal years ending June 30, 2022 and later; and GASB 96, for subscription-based IT arrangements (SBITA). Key topics for discussion Identifying and discussing key inputs of the lease calculation […]
KY House Bill 8 to Lower Income Tax, Add Sales Tax to High-Growth, High Consumption Services and Create New Tax Amnesty
After being approved in Kentucky’s House and Senate, then being vetoed by Kentucky Governor Andy Beshear, H.B. 8 was officially ratified on April 13, 2022. The ratification required the Republican Supermajority to impose an override of the Governor’s veto in the last two days of the Kentucky General Assembly’s recent session. House Bill 8 will […]
Offering summer job opportunities? Double-check child labor laws
Spring has sprung — and summer isn’t far off. If your business typically hires minors for summer jobs, now’s a good time to brush up on child labor laws. In News Release No. 22-546-DEN, the U.S. Department of Labor’s Wage and Hour Division (WHD) recently announced that it’s stepping up efforts to identify child labor […]
Undertaking a pay equity audit at your business
Pay equity is both required by law and a sound business practice. However, providing equitable compensation to employees who perform the same or similar jobs, while accounting for differences in experience and tenure, isn’t easy. That’s why every company should at least consider undertaking a pay equity audit to assess its compensation philosophy and approach. […]
ERISA and EAPs: What’s the deal?
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 […]
Business owners, lean into sales staff retention
Although there have been some positive signs for the U.S. economy thus far in 2022, many businesses are still reeling from last year’s “Great Resignation.” This trend of a historic number of workers voluntarily leaving their jobs, combined with the difficulty of hiring new employees, didn’t spare sales teams. However, one could say that the […]
5 ways to control your business insurance costs
Common sense dictates that every company, no matter how small, should carry various forms of business insurance. But that doesn’t mean you should pay unnecessarily high premiums just to retain the coverage you need. Here are five ways to better control your insurance costs without sacrificing the quality of your policies: 1. Review coverage periodically. […]