In May 2021, the Department of Labor withdrew the “Independent Contractor Status Under the Fair Labor Standards Act” final rule. According to the Society for Human Resource Management, "The DOL has traditionally analyzed a number of factors to consider whether a worker is an independent contractor or employee and looked at 'the totality of the circumstances.' The withdrawn rule would have applied a more-limited economic-reality test."
These are hard times for businesses trying to navigate the various rules and regulations related to reopening after the pandemic. No business wants to get caught up in litigation if it can be avoided. Five of the most pressing health-related concerns are discussed here:
Estate planning is about defining and living out your legacy during your lifetime. It enables you to enjoy the impact your plan has on the people and organizations you support. But there are a lot of myths that still need debunking:
The last year and a half changed the way we do business because of so many people working from home. It’s also caused a spurt in freelance and self-employed business ventures. 2020 saw a record number of business formations and almost 1.6 million applications for EINs (new employer ID numbers).
The COVID-19 pandemic has had a dramatic impact on commercial real estate. Some sectors of the industry, such as industrial property, remained vibrant, while office and retail space showed a decline. The reason is that the past year changed many things about the way we live, work and play.
As it does each year, the IRS has announced changes for health savings accounts, which are associated with high-deductible health plans.
Property taxes are a major source of income for city, county and state governments. The tax is derived from a percentage of the assessed value of a property, true, but the municipality also determines how much money needs to be allocated for providing such services as education, transportation, emergencies, parks, recreation and libraries. These are funded by property taxes.
Sponsors of retirement plans are generally required by law to report information to the IRS, the Department of Labor and even the Pension Benefit Guarantee Corporation. Your plan type, business size and circumstances will affect your disclosure.
Traditionally, boards oversee four main areas: human resources, finances, governance and strategy. Each of these areas has its own specific issues, but board operations overarch them all. To be valuable and drive organizational change, boards must focus on creating long-term value, building an agile company culture, and attracting and retaining talent. This is particularly important in the current business environment, which is emerging from the lockdowns and restrictions of the pandemic and slowly edging toward a new normal.
Enacted in 1996, the Work Opportunity Tax Credit (WOTC) is a federal tax credit that eligible employers can claim if they hire eligible individuals who have consistently faced stringent barriers to employment. According to the Department of Labor, "Each year, employers claim over $1 billion in tax credits under the WOTC program."
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