view through car windshield on stormy road and rain

Protect Your Organization This Hurricane Season

2018-06-01
, , , , , Human Resources

Tips on Preparing Your Business for a Natural Disaster

With the start of peak Atlantic hurricane season this month comes the risk of losing essential business records, files, and other materials to floods or damaging winds.

To reduce your damage costs and hasten your return to normal business operations, follow the following tips from the Federal Emergency Management Agency (FEMA):

  1. Confirm your insurance:  Review the details of your flood and other hazard insurance policies, paying close attention to which items are covered and under what conditions. If you have questions, contact your insurance agent.
  2. Back up essential files:  Regularly back up important electronic files (such as billing and payroll records and customer lists), and keep backup copies in a secure, off-site location. Copies of important papers (business plans, legal documents, etc.) should also be stored securely off-site.
  3. Consider the location of equipment susceptible to damage:  Raise computers above flood level, move heavy objects to low shelves, and secure any equipment that could move or fall during a natural disaster.
  4. Take inventory:  For insurance and tax purposes, maintain written and photographic inventories of all important materials and equipment, and store the inventory in a safety deposit box or other secure location.
  5. Perform regular building maintenance and repairs:  Periodically evaluate your building to make sure wind and water are not able to penetrate it.

Develop an emergency action plan to protect your employees and business during a disaster in advance to better prepare your business.

lightning storm with purple sky over city

IRS Offers Tips To Help Businesses Prepare For Natural Disasters

2018-05-29
, , , , , , , , , , , Human Resources

Using Electronic Records and Documenting Valuables Encouraged

With hurricane season underway, the IRS is offering advice to those impacted by storms and other natural disasters. The following tips may help businesses prepare for such events:

  • Use electronic records. Businesses may have access to bank and other financial statements online. If so, their statements are already securely stored there. They can also keep an additional set of records electronically. One way is to scan tax records and insurance policies onto an electronic format. Businesses may want to download important records to an external hard drive, USB flash drive or burn them onto CDs or DVDs. Be sure to keep duplicates of records in a safe place. For example, store them in a waterproof container away from the originals. If a disaster strikes your business, it may also affect a wide area. If that happens, it may be impossible to retrieve the records that are stored in that area.
  • Document valuables. Take time and date stamped photos or videos of the contents of your business. These visual records can help prove the value of lost items. They may help with insurance claims or casualty loss deductions on a tax return. Businesses should also store these in a safe place.
  • Contact the IRS for help. Businesses that fall victim to a disaster may call the IRS disaster hotline at 866-562-5227 for special help with disaster-related tax issues.
  • Get copies of prior year tax records. If a business needs a copy of its tax return, it should file IRS Form 4506, Request for Copy of Tax Return. The usual fee per copy is $50. However, the IRS is expected to waive this fee if a business is a victim of a federally declared disaster. For information that shows most line items from a tax return, call 1-800-908-9946 to request a free transcript. Alternatively, businesses may file IRS Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript, or IRS Form 4506-T, Request for Transcript of Tax Return.

The IRS offers many resources to help employers plan for and recover from disasters, including IRS Publication 584-B, Business Casualty, Disaster, and Theft Loss Workbook, and webpages devoted to preparing for a disaster and tax relief in disaster situations.

first-person view of people enjoyed the beach on a summer day

Top 5 Forms for Summer Hires

2018-05-25
, , , , , , , Human Resources

Forms Every Employee Should Fill Out Day 1

An employee’s first day at a summer job can be very stressful for both the employee and employer. While trying to set up the employee with his or her parking pass, email account, and other necessities, employers should also remember that completing the following forms is just as important.

  1. Form I-9: Under federal law, employers are required to verify the identity and employment authorization of each person they hire by completing and retaining Form I-9, Employment Eligibility Verification. Newly hired employees must complete and sign Section 1 of Form I-9 no later than the first day of employment. Click here to download Form I-9.
  2. Federal Form W-4: An employee must complete federal Form W-4 in order for the employer to withhold the correct federal income tax from the employee’s pay. Click here to download federal Form W-4.
  3. State Form W-4: In states with a state income tax, an employee must complete a state Form W-4 (or its equivalent) in order for the employer to withhold the correct state income tax from the employee’s pay. To obtain a state Form W-4, contact your state’s taxation department.
  4. Basic Employment Information Sheet: Employers should keep certain basic information about each of their employees on file, including their address, phone number, and emergency contact. Click here to download a Basic Employment Information Sheet.
  5. Direct Deposit Authorization Form: It is now easier than ever for an employer to directly deposit an employee’s paycheck into his or her bank account. Such deposits, however, must be specifically authorized by the employee. Click here to download a Direct Deposit Authorization Form.
group of coworkers huddled together looking at laptop screen

NYC Enacts New Sexual Harassment Training, Poster, and Information Sheet Requirements

2018-05-22
, , , , , Human Resources

Training Requirements Effective April 1, 2019

New York City has enacted new sexual harassment training, poster, and notice requirements for employers. Starting April 1, 2019, employers with 15 or more employees will be required to annually conduct anti-sexual harassment interactive training for all employees, including supervisors and managers. In addition, starting September 6, 2018, all employers will be required to:

  • Post an anti-sexual harassment rights and responsibilities poster in employee break rooms or other common areas where employees gather; and
  • Distribute an information sheet on sexual harassment to employees at the time of hire and in the employee handbook.

The city is expected to release a model poster and information sheet soon.

Young biracial woman in business attire smiling on a cell phone on an overcast day

Vermont Adopts Salary History Inquiry Ban

2018-05-18
, , , , , , , Human Resources

New Law Effective July 1, 2018

Effective July 1, 2018, a new law prohibits Vermont employers from inquiring about or seeking an applicant’s salary history information­­, including information on his or her current or past wages, salary, bonuses, or benefits. The law also bans employers from relying on an applicant’s salary history information as a factor in determining whether to interview the applicant.

Notably, the law does not prohibit:

  • After making an offer of employment that includes compensation, confirming or requesting an applicant’s salary history information if the applicant previously disclosed the information voluntarily; or
  • Inquiring about an applicant’s salary expectations or requirements.

Click here to read the full legislation.

professional in room drawing on whiteboard discussing plans to expand and grow business

Workforce Planning and Building Your Business

2018-05-11
, , , , Human Resources

A core part of your company’s success is effective planning for your workforce. Workforce planning involves projecting your future workforce needs and then identifying the policies and systems that will let you meet those needs. Strategic workforce planning is essential for managing the direction of your company, whether you’re expanding, maintaining your current status, or downsizing.

What is Happening in Your Job Market?

Learning about the national and local job markets–and the factors that influence them–will help you develop your workforce plan. Key data points to watch include:

  • The local unemployment rate: A large pool of highly skilled employees looking for work in your region may allow you to readily snap up great candidates for mid-and high-level positions.
  • Community demographics: College graduates coming into the market in your area may be able to fill entry-level slots.
  • Competitors: To attract the best candidates, be aware of your competition, and offer compensation and benefits packages in line with your industry.
  • Social, technological, and economic trends: These forces can also influence your workforce planning. A recession, for example, may allow you to attract highly skilled employees with ease. A booming economy, on the other hand, may make it difficult to find the right candidate, and increase the importance of retaining your valued employees.
  • Political and legislative trends: Changes in federal, state, or local laws may have a positive or negative effect on your industry, your hiring ability, or the kinds of benefits you’re able to offer your employees.

Sources such as the U.S. Department of Labor, the U.S. Bureau of Labor Statistics, employer associations, local and national news reports, and competitors’ annual reports are good places to look for the information described above.

curb piled with trash and damaged walls papers and wood from natural disaster storm

Keeping Business Records and Inventory Safe from Natural Disasters

2018-05-08
, , , , , , , , , Human Resources

Most businesses keep on-site records and files (both hardcopy and electronic) that are essential to normal operations. Some businesses also store raw materials and product inventory. The loss of essential records, files, and other materials during a disaster is commonplace and can not only add to your damage costs but also delay your return to normal operations. The longer your business is not operating, the more likely you are to lose customers permanently to your competitors.

Protecting Company Documents and Equipment

To reduce your vulnerability, determine which records, files, and materials are most important; consider their vulnerability to damage during different types of disasters (such as floods, hurricanes, and earthquakes) and take steps to protect them, including the following:

  • Raising computers above the flood level and moving them away from large windows;
  • Moving heavy and fragile objects to low shelves;
  • Storing vital documents (plans, legal papers, etc.) in a secure off-site location;
  • Regularly backing up vital electronic files (such as billing and payroll records and customer lists) and storing backup copies in a secure off-site location;
  • Securing equipment that could move or fall during an earthquake; and
  • Prior to hurricanes, covering or protecting vital documents and electrical equipment from potential wind-driven rain, which may breech the building envelope through windows, doors, or roof systems.

Additional Tips to Secure Your Business

  • Make sure you are aware of the details of your flood insurance and other hazard insurance policies, specifically which items and contents are covered and under what conditions. Check with your insurance agent if you have questions about any of your policies.
  • When you identify equipment susceptible to damage, consider the location of the equipment. For example, equipment near a hot water tank or pipes could be damaged if the pipes burst during an earthquake, and equipment near large windows could be damaged during hurricanes.
  • Assign disaster mitigation duties to your employees. For example, some employees could be responsible for securing storage bins and others for backing up computer files and delivering copies to a secure location.
  • You may want to consider having other offices of your company or a third-party service provider perform some administrative duties, such as maintaining payroll records or providing customer service.
  • Estimate the cost of repairing or replacing each essential piece of equipment in your business. Your estimates will help you assess your vulnerability and focus your efforts.
  • For both insurance and tax purposes, you should maintain written and photographic inventories of all important materials and equipment. The inventory should be stored in a safety deposit box or other secure location.
  • Periodically evaluate the building envelope to make sure that wind and water are not able to penetrate the building. Do regular maintenance and repairs to maintain the strength of the building envelope.
group of employees in business suits smiling and listening to someone speaking

Motivating Employees

2018-01-18
, , Leadership

Successfully motivating your employees will help you achieve and maintain business goals. Ultimately, you want to create an environment that allows your employees to meet or exceed expectations, do their best and feel valued. While employees are clearly motivated by tangible rewards such as salary and promotion, there are more intangible factors such as mentoring, personal and professional growth and the ability to work on independent projects.

Motivational Drivers

We are all individuals with different needs and aspirations, so what motivates one employee may not motivate another. Creating a work environment which includes a range of motivators can result in improved performance as well as increased retention and enthusiasm for the company.

The following is a brief summary of different motivators:

  • Opportunities for promotion
  • Giving employees the freedom to work independently
  • Challenging and satisfying projects
  • Personal and professional growth – training and professional development
  • Status/power which can be represented in a job title
  • Responsibility and trust by allowing employees to work without unnecessary supervision
  • Promoting the building of relationships with colleagues and customers
  • Recognition of employees’ performance and contribution
  • Financial rewards and incentives
  • Flexible work arrangements that allow employees to accommodate personal needs

How to Motivate Your Employees

These strategies may motivate your employees to contribute to your businesses performance:

  • When the jobs are more challenging and interesting, employees may find they feel more accomplished and satisfied.
  • Consider lateral moves if you can’t promote employees. Many times, people like to do different jobs to build their skills and knowledge.
  • Get to know your employees–learn about their interests and what is important to them.
  • Recognize employees’ efforts and achievements by personally thanking them for a job well done.
  • Publicly recognize your employees by highlighting achievements at meetings, and on the company intranet.
  • Create opportunities for social interaction such as a company sports team.
smiling small business owners

New Small Business Health Care Tax Credit Form Released

2017-12-15
, , , , Human Resources

Form Used by Eligible Employers to Claim Credit for 2017 Tax Year

The IRS has released Form 8941, Credit for Small Employer Health Insurance Premiums, and related instructions, for tax year 2017. Eligible small employers use this form to figure the credit for health insurance premiums under the Small Business Health Care Tax Credit.

The Small Business Health Care Tax Credit is designed to encourage small businesses and tax-exempt employers to offer health insurance coverage to their employees. Among other requirements, an employer may be eligible for the credit for tax year 2017 if:

  • It had fewer than 25 full-time equivalent employees for the tax year;
  • It paid at least 50% of the premium cost for single health care coverage for each employee;
  • The average annual wages of its employees for the year were less than $53,000; and
  • It paid premiums on behalf of employees enrolled in a qualified health plan offered through a Small Business Health Options Program (SHOP) Marketplace (or qualifies for an exception to this requirement).

Note: Employers in Hawaii cannot claim this credit for insurance premiums paid for health plan years beginning after 2016.

Click here to review Form 8941 and its instructions.

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