Payroll Record Retention Requirements

Every business must retain certain records on their current and past employees, but which ones and for how long? On the federal level, there are two agencies that regulate record keeping. First is the IRS, which is responsible for enforcing the Internal Revenue Code. The second is the US Department of Labor (DOL). The Wage and Hour Division of the DOL is responsible for enforcement of the Federal Fair Labor Standards Act (FLSA), the Family and Medical leave Act (FMLA), the Immigration Reform and Control Act (IRCA), and the laws…

Why Take Risk As an Entrepreneur?

Cost-Benefit Analysis One of the first things taught in basic economics classes is the idea of ​​putting pros and cons of an activity on scales and seeing, which tips the bowl. When thinking about benefits and costs, it is important to note than not only money is the category of interest. “The opportunity cost of a decision or choose that one makes is the value of the highest valued alternative that could have been chosen but was instead forgone.” CliffsQuickReview Economics, First Edition 1993 In the end, this analysis is…

Tip From an Entrepreneur – Get Yourself an Office

One of the most important lessons I learned the hard way is that if you have at least one employee or there are two or more of you in an organization, that an office is a requirement. There are business incubators that offer a variety of office packages, including a single office, with a phone, and that will give you a mailing address. Reasons You Need to Get an Office: Accountability – You will have a much better idea of ​​how long people are working, and what they're up to.…

National Medical Support Notice, Employer Requirements

A National Medical Support Notice (NMSN) may be sent to you, if one of your employees has a child support obligation, by a state child support enforcement agency (CSEA). The NMSM is a standardized form that advises you when your employee has been ordered to provide health insurance coverage for a child through your company's health plan. The NMSN is a federal form that all state child support enforcement agencies must use. If an order has been issued and health coverage is available through the employer, the child must be…

Grow Your Business By Just Saying No

I was at the gym recently and one of my friends turned to me and said, “Carrie, I need you to write about change.” She was finding that she was no longer satisfied with the decisions she felt she was being forced to make out of habit and to meet of other people's expectations. It got me thinking about business. The reason I started my business is likely very similar to why you started yours … to create a life that suited my needs. My personal needs were that I…

Business Math

Custom business math help is available for people that need assistance with business math. This kind of business math tutoring can help you figure out fast custom math help as well as custom math answers. The tutoring includes getting MBA math help and business statistics and math. With MBA math help, the tutoring deals with the mathematics of business. There are plenty of people that have trouble with this type of math. That is because there is a lot of terminology that is not familiar to them. It is often…

Unclaimed Payroll Check

Unclaimed or uncashed payroll checks handled incorrectly by an employer can result in serious trouble for the employer. Prior to implementing a policy on how your company handles these types of checks, there are several issues to consider: Every state has escheat laws that affect unclaimed or abandoned property. In general the laws require that such property, including the funds from uncashed and / or unclaimed payroll checks, be turned over to the state after a designated period. That period and possibly a minimum amount vary from state to state.…

What Can You Release – So You Can Really Focus?

Imagine this … You're feeling very relaxed and refreshed. You've had a marvelous vacation filled with family and fun. Your business has been in a holding pattern, just as you had planned. You're ready to get back to work now that vacation has ended. Are the kids back in school (or out of the house)? Check. Are you home for a bit? Check. Are you ready to get back to your business-building coaching projects? Check. Now you're ready to dive back in and get down to business. Only, when you…

Payroll Check Fraud Incident

Payroll check fraud came calling four days before Christmas. A branch of our main bank called and wanted to verify a check. The young lady who took the call in our office quickly realized that the check was out of sequence and for a person not on the client's payroll. The check was cut on our trust account. I spoke to the bank employee who had called us. They were stalling the person by having then fill out an account application, more about that later. I took the location of…

Business: It’s an Invitation to a Red Carpet Event

Imagine you have been invited to a ball, and everyone important is going to be there. You may feel both excited and nervous and the first thing on your mind would be to plan your outfit. While you are doing so, suddenly you remember; oh there is something else more important! You have also been asked to give a 20-minute talk. Now you are planning out attire and your talk. You also find out this ball is going to be televised and over 25 million people will be watching; and…