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Hiring and Managing Seasonal Employees

With the summer hiring season approaching, employers should begin thinking about how best to hire and manage seasonal employees. Employers who do not dedicate time to these critical steps risk having to face disgruntled employees, unhappy customers, and even legal violations. To learn some best practices for hiring and managing seasonal employees, please watch the video below. ...

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3 Tax Record-Keeping Tips for Employers

Keeping good records not only makes tax filing easier and faster, but it can also help you monitor the progress of your business, prepare your financial statements, and support items reported on your tax returns. Here are three simple tips from the IRS to help you get organized: 1. Save Certain Business Records The following are some of the types of records you should keep: Gross receipts are the income you receive from your business. You should keep supporting documents that show the amounts and sources of your gross receipts. Purchases are the items you buy and resell to customers. Your supporting documents should...

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Look at your employees with cybersecurity in mind

Today’s businesses operate in an era of hyper-connectedness and, unfortunately, a burgeoning global cybercrime industry. You can’t afford to hope you’ll luck out and avoid a cyberattack. It’s essential to establish policies and procedures to minimize risk. One specific area on which to focus is your employees. Know the threats There are a variety of cybercrimes you need to guard against. For instance, thieves may steal proprietary or sensitive business data with the intention of selling that information to competitors or other hackers. Or they may be more interested in your employees’ or customers’ personal information for the same reason. Some cybercriminals may...

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How can you take customer service to the next level?

Just about every business intends to provide world-class customer service. And though many claim their customer service is exceptional, very few can back up that assertion. After all, once a company has established a baseline level of success in interacting with customers, it’s not easy to get to that next level of truly great service. But, fear not, there are ways to elevate your game and, ultimately, strengthen your bottom line in the process. Start at the top As is the case for many things in business, success starts at the top. Encourage your fellow owners (if any) and management team to...

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Offer plan loans? Be sure to set a reasonable interest rate

Like many businesses, yours may allow retirement plan participants to take out loans from their accounts. Such loans are governed by many IRS and Department of Labor (DOL) rules and regulations. So if your company offers plan loans, your plan document must comply with current laws — including setting a “reasonable” interest rate. Agency perspectives Neither the IRS nor DOL provides a set percentage for plan sponsors to use. Yet both require the rate to be “reasonable.” The IRS asks if the interest rate is similar to local interest rates and to what local banks charge individuals for similar loans with similar...

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Consider key person insurance as a succession plan safeguard

In business, and in life, among the most important ways to manage risk is through insurance. For certain types of companies — particularly start-ups and small businesses — one major threat is the sudden loss of an owner or hard-to-replace employee. To safeguard against this risk, insurers offer key person insurance. Under a key person policy, a business buys life insurance covering the owner or employee, pays the premiums and names itself beneficiary. Should the key person die while the policy is in effect, the business receives the payout. As you formulate and adjust your succession plan, one of these policies...

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Getting your money’s worth out of a company retreat

Company retreats can cost enormous amounts of time and money. Are they worth it? Sometimes. Large-scale get-togethers can involve considerable out-of-pocket costs. And if the retreat is poorly planned or executed, participants’ wasted time is the biggest expense. But a properly budgeted, planned and executed retreat can be hugely profitable, producing fresh ideas, renewed enthusiasm and heightened employee morale. Here are a few ways to get your money’s worth out of a company retreat. Create specific objectives First, nail down your goals and objectives. Several months ahead of time, determine and prioritize a list of the important issues you want to address. But...

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It’s that time of year… We can help

Most retirement plan sponsors are familiar with the plan testing that takes place around this time of year. With acronyms like ADP, ACP, HCEs, and NHCEs, the technical side of 401(k) nondiscrimination testing can easily become overwhelming. There are a variety of plan tests performed each year and there are several different ways to take action should the plan fail testing. Among options to consider, corrective distributions from the plan or adding additional money to certain parts of the plan may be advised. This annual testing cycle can be very time consuming and frustrating, and we understand our clients’...

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Anthem News: Drug list name will change for some Small Groups in Virginia

If your company offers an Anthem medical plan that complies with health care reform law, you may notice that the name of the plan's drug list (also called a formulary) has changed. The new name is the Traditional Open Drug List. The medications included on the drug list have not changed. The goal of the list is to provide access to drugs and therapies with clinical evidence to improve the health of Anthem members, while keeping health care affordable. As a reminder, Anthem's Drug Search Tool lets members see results specific to their plan's drug list, after they've logged into their...

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House Republicans Release Proposed ACA ‘Repeal and Replace’ Bill

UPDATE 3/27/17: Despite days of intense negotiations and last-minute concessions to win over wavering GOP conservatives and moderates, House Republican leaders Friday failed to secure enough support to pass their plan to repeal and replace the Affordable Care Act. House Speaker Paul Ryan pulled the bill from consideration after he rushed to the White House to tell President Donald Trump that there weren’t the 216 votes necessary for passage." (Kaiser Health News, March 24, 2017)   Republican leaders in the U.S. House of Representatives have released the American Health Care Act, a bill which seeks to "repeal and replace" the Affordable Care Act...

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