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Small Businesses

SIMA Financial Group > Small Businesses (Page 11)

Plan Ahead for Holiday Payrolls!

SIMA will be closed on Tuesday, December 25 and Tuesday, January 1 in observance of Christmas Day and New Year’s Day. Your payroll must be processed a day earlier than normal by 12:00 pm to ensure timely processing. Is your pay date on Tuesday, December 25 or Tuesday, January 1? There will be no direct deposits allowed on Tuesday, December 25 and Tuesday, January 1 due to holiday bank closures. If your pay date is on this day, please contact your payroll team at payroll@simafinancialgroup.com to let us know whether you would like to move your pay date to Monday or Wednesday. Please...

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Year-End Checklist

It’s that time of year! With year-end quickly approaching we wanted to provide you with a year-end checklist to ensure you have a smooth year-end. Please make sure to review each item listed below and whether it applies to your specific payroll needs. Verify Employee W-2 Information It is important that all employee data is reviewed and updated for changes that may have occurred throughout the year. You will need to continue to maintain all changes after verifying the employee W-2s through January 1st to ensure that any new updates are reflected correctly on the W-2. Please confirm the following information for...

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401(k) Contribution Limit Increased to $19,000

The IRS has announced that the amounts employees can contribute to 401(k)s and IRAs will increase in 2019. In particular: The employee contribution limit for 401(k) plans will be $19,000, up from $18,500 in 2018. The catch-up contribution limit for employees aged 50 and over remains unchanged at $6,000. The employee contribution limit for IRAs will be $6,000, up from $5,500 in 2018. The catch-up contribution limit for employees aged 50 and over remains unchanged at $1,000. The employee contribution limit for SIMPLE IRAs and SIMPLE 401(k) plans will be $13,000, up from $12,500 in 2018. The catch-up contribution limit for employees aged...

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FBI Warns About Phishing Emails for Employees’ Payroll Information

The FBI issued a public service announcement (PSA) encouraging employers to remind employees not to respond to phishing emails from cybercriminals who want access to employees’ payroll information [FBI, Alert No. I-091818-PSA, 9-18-18]. How the Scam Works The FBI said that cybercriminals are targeting employees through phishing emails designed to capture an employee’s login credentials to his or her employer’s self-service application. Once they obtain the login credentials, cybercriminals can change the bank account information to which the employee’s paycheck is deposited. The cybercriminals also change the alert settings so employees are not informed of the direct deposit changes. How Employers Can Help The...

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Several tax law changes may affect bottom line of many business owners

IR-2018-203, October 16, 2018 WASHINGTON — The Internal Revenue Service today reminded business owners that tax reform legislation passed last December affects nearly every business. With just a few months left in the year, the IRS is highlighting important information for small businesses and self-employed individuals to help them understand and meet their tax obligations. Here are several changes that could affect the bottom line of many small businesses: Qualified Business Income Deduction Many owners of sole proprietorships, partnerships, trusts and S corporations may deduct 20 percent of their qualified business income. The new deduction -- referred to as the Section 199A deduction or the...

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Workplace Bullying: More Common Than You’d Think

National Bullying Prevention Month is recognized every October. What many people don’t realize is that workplace bullying affects more than 35 percent of adult Americans. What is Workplace Bullying? Generally, workplace bullying is defined as the use of intimidation through power, influence, tone, or language to affect a person negatively. Often, bullying is intentional, but sometimes the bully is not aware of their hurtful actions or words. Workplace bullying affects safety, productivity, trust, and the workplace culture. What are the Signs of Workplace Bullying? Some common signs of workplace bullying include: Ignoring, isolating, or excluding an employee Reprimanding or humiliating an employee publicly Name-calling or insulting an...

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IRS Releases Forms 1094 and 1095 for Early 2019 Reporting

Form Instructions Also Released The IRS has released the Forms 1094-C, 1095-C, 1094-B, and 1095-B that employers will use in early 2019 to report on the group health insurance coverage they offered during the 2018 calendar year. Instructions on how to complete Forms 1094-C and 1095-C and Forms 1094-B and 1095-B have also been released. As a reminder, employers with 50 or more full-time employees (including full-time equivalent employees) generally must furnish a Form 1095-C to all full-time employees by January 31, 2019, and file Form 1094-C and all Forms 1095-C with the IRS by February 28, 2019 (or March 31, 2019,...

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Help your employees manage workplace stress

Keeping Stress at Work in Check Helping your employees deal with stress in the workplace can ultimately lead to greater productivity as well as motivating employees to perform better. Stress can sidetrack employees and prevent them from doing their best. Stress at work may come from significant workload, pressing deadlines and time management issues. When workplace stress feels overwhelming, the following are some simple steps managers and employees can take to reduce the pressure. How Managers Can Help Their Teams Reduce Stress With so many responsibilities, projects and tasks to implement in a given day, it’s easy for employees to lose a sense...

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Critical HIPAA Compliance Gaps Exposed by HHS

Over the last couple of years, the Department of Health and Human Services (HHS) conducted "desk audits" of 166 covered entities and 41 business associates. These audits focused on select HIPAA privacy, security and breach notification requirements. HHS has not released its official findings from the audits yet, but it has identified serious compliance gaps in the following areas: Security risk analysis Security risk management Right of access to protected health information (PHI) Employers that sponsor group health plans should periodically review their compliance with HIPAA rules, including whether their security analysis and risk management for electronic PHI is up to date. Employers should also...

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New Rule Eases Formation of Association Health Plans

Rule Permits Associations Based on Industry or Geography The U.S. Department of Labor (DOL) has issued a new rule that allows employers to join together as a single group to offer group health insurance coverage to employees, working owners (including those without other employees), and their spouses and dependents as part of an "association health plan." The rule allows association health plans to be formed on the basis of industry or geography, such as by state, city, county, or multi-state metropolitan area. The new rule subjects association health plans to the nondiscrimination rules currently applicable to large group coverage under the Health...

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