Typical Situation: Our client has had increase premiums over the last few years. Maybe thinking about either dropping shopping for new, more affordable health insurance. The new laws and the Affordable Care Act may be miss-understood.
When you hear a business owner say:
· “These Health Insurance Premiums are so high.”
· “I am spending too much time dealing with HR situations.”
· “What labor laws or regulations apply to me as an employer in today’s environment?”
PEO Provider will work with them help them with Cost Containment, HR Administrative Relief and risk management. They will help access their HR costs and provide a cost comparison to consolidate to one vendor. Our client will realize the economies of scale of joining a large organization and the ability to offer fortune 500 benefits.
How they Work The consultant will show group policy for health benefits (Since they are part of a group of over 350,000 lives, they can provide cost containment year after year. They can also look at a group policy for worker’s comp (possible reduced pricing and liability management). They will also help with HR since every client has their own dedicated HR Client Service Team.
Matching Ideas with Resources:
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Direct from the IRS:
Taking care of business- recordkeeping for small businesses
Small business owners should keep good records. This applies to all businesses, whether they have a couple dozen employees or just a few. Whether they install software or make soft-serve. Whether they cut hair or cut lawns. Keeping good records is an important part of running a successful business.
Here are some questions and answers to help business owners understand the ins and outs of good recordkeeping.
Why should business owners keep records?
Good records will help them:
Small business owners may choose any recordkeeping system that fits their business. They should choose one that clearly shows income and expenses. Except in a few cases, the law does not require special kinds of records. .
How long should businesses keep records?
How long a document should be kept depends on several factors. These factors include the action, expense and event recorded in the document. The IRS generally suggests taxpayers keep records for three years.
How should businesses record transactions?
A good recordkeeping system includes a summary of all business transactions. These are usually kept in books called journals and ledgers, which business owners can buy at an office supply store. All requirements that apply to hard copy books and records also apply to electronic business records.
What is the burden of proof?
The responsibility to validate information on tax returns is known as the burden of proof. Small business owners must be able to prove expenses to deduct them.
How long should businesses keep employment tax records?
Business owners should keep all records of employment taxes for at least four years.
GLM can help get you set up. There are ways you can do it and not have to learn any new software, or learn the basics of QuickBooks and allow us to set you up. You can learn more at this Blog: http://www.glm-accounting-bookkeeping.com/blog--podcast/just-getting-accounting-started
IRS.gov has resources to help business owners understand taxes
National Small Business Week is a great time for business owners to check out the IRS’s online resources and YouTube videos. Here are a few of the webpages and videos in the spotlight for this year’s National Small Business Week, which runs from May 5 through 11:
These webpages help small businesses understand their tax responsibilities.
IRS YouTube videos
The small business playlist on the official IRS YouTube channel features several videos that are short, but that pack in a lot of helpful information. The videos walk business owners through topics such as:
In true blog fashion, the last parts are at the top of the page. Scroll all the way down and work your way back up to read them in order.
Tom is the Business Development Manager for GLM. If you are interested in learning more about GLM's services, contact him: