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Employee Benefits Program

A strong employee benefits program – including low-cost employee incentives, employee recognition programs, and employee appreciation programs – can help you improve morale and retention.

We provide employee appreciation day ideas, help you with employee retention strategies and employee benefits management

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The death of a loved one affects more than just the people who suffer the loss; it also affects the organizations where they work. The Grief Recovery Institute estimates that employees’ grief costs U.S. companies $37.5 billion a year in lost productivity. Here’s what a survey of newly bereaved employees found: 90 percent said they [...]

1. Self-employed? Deduct full health premium

Finally, self-employed people can write off 100 percent of their health insurance premiums (up from 70 percent in 2002).

Note:

You can reap significant additional tax savings by making your spouse an employee of your sole proprietorship or single-member LLC and setting up a medical expense reimbursement plan. That strategy could let you deduct all your family's health costs (including uninsured expenses) on Schedule C, plus it could lower your self-employment tax bill.

With the economic upsurge generating more hiring, it may become a "buyer's market" again. So you'll need to show your best cards to win the star applicants.

You've probably heard that hiring your children is a great tax-saving move. Their income is taxed in their low tax bracket, and as long as you handle things correctly, your company can deduct the compensation.

Issue: The federal Health Insurance Portability and Accountability Act (HIPAA) places new privacy requirements on employers. Risk: Smaller businesses must start complying in April. Fines range from $100 per violation ...
Issue: Retaliation complaints by employees doubled in the past decade.
Risk: Even if you escape liability on an initial employment lawsuit, you could be smacked with a secondary retaliation charge. ...

C corporations offer better tax treatment for fringe benefits than S corporations. But don't avoid an S corporation election simply because of fringe benefits.

If parking space is at a premium near your building, you may pay for employees to park their cars in a nearby garage or lot.

If you set up a qualified fringe benefit plan, your company can deduct those parking costs, and the benefit is tax-free to the employees. Unfortunately, your company may pay a pretty penny for its local parking privileges.

Last year, the federal Health Insurance Portability and Accountability Act (HIPAA) required companies that sponsor large health care plans (more than $5 million in premiums or claims) to start complying with new privacy rules.

This year, it's your turn. Starting April 14, smaller businesses that fall below the $5 million threshold must comply.

The IRS turns a skeptical eye toward what it deems "unreasonable compensation" paid to C corp owner-executives. The taxman can decide your salary is too large and label part of it as a nondeductible dividend.

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