While there have always been tax benefits of 401(k)s for employers, SECURE Act 2.0 is changing the way businesses and workers save for retirement. As a business owner, it’s important to understand how these 401(k) benefits can impact your bottom line and your ability to attract new...
High turnover can quickly become costly. We recommend the following practices to increase retention: Pick the right people in the first place. Put thought and care into your recruitment and interview procedures. The more time you and other employees can spend with candidates, the more...
If I am a minister/clergy, do I have to pay self-employment taxes? This is a very important question, and perhaps a question you have asked yourself. Whether you are a seasoned minister, or just beginning, understanding self-employment taxes is vital to your tax planning and...
Family Medical Leave, Paid Sick Leave, and PTO Employees need to take time off for various reasons, such as medical emergencies, recovery from an illness, planned medical procedures, family support, or leisure. Several laws govern the management of employee leave, and they affect most employers. Family...
As we start the second half of 2024, many of your clients are likely reviewing their budgets and planning for the upcoming year. This is an ideal time to consider how they can streamline their operations, reduce costs, and enhance their overall efficiency. One area...
Simple payroll errors are avoidable, but if you don’t pay attention, you could end up facing consequences that cost thousands of dollars in compliance penalties. Not only that but you might have to deal with unwanted attention on both you and your payroll department. To mitigate...
By using the Work Opportunity Tax Credit (WOTC), employers can save money on their income or payroll taxes. To qualify, you just have to give employees a short questionnaire. Then, the employee must get WOTC-certified by your State Workforce Agency (SWA). Through the WOTC, you can...
The Consolidated Omnibus Budget Reconciliation Act provides employees with continued access to health insurance coverage, helping them bridge the gap between losing employer-sponsored health coverage and finding alternative plans. COBRA is used so that employees can continue with insurance under circumstances — job loss, reduction...
In a grant landscape that can be challenging for faith-based organizations, Lilly Endowment stands out as a funder that provides some opportunities specifically for churches. One such grant is The Lilly Endowment National Clergy Renewal Program at Christian Theological Seminary, designed to strengthen congregations by providing a...
Most workers have access to unpaid, job-protected leave through the federal Family and Medical Leave Act. The FMLA, which became law in 1993, was intended to offer some stability for employees who needed to take time away from work to deal with a major medical...