One of the biggest benefits to participating in group insurance versus individual insurance is the tax benefit. Employees will notice a significant impact to their take home pay if they are participating in group benefits through their employer versus purchasing insurance on their own, such as those you can purchase through the Exchange. See what a difference group insurance can make to the take home pay of your employees.
See how to determine the tax reporting requirements for your company – In June 2015, the United States Supreme Court upheld the Affordable Care Act in its current form, which means that certain requirements put into place when it was originally signed into law in 2010 are now set to move forward. Even though the employer shared responsibility requirement (also called “pay or play”) was delayed for some employers for 2015, there are still tax reporting requirements for employers with 50-99 full-time equivalent employees.
Determine the difference between an employee and an independent contractor – making this distinction correctly can help save you money and protect you from making a costly mistake. The Fair Labor Standards Act provides the basis for determining the difference: The main determination is whether the worker has economic independence and is operating a business of their own (independent contractor) or if they are economically dependent on the employer (employee). See this infographic for the 6 determining factors.
Small businesses are constantly in the unfortunate position of trying to compete with large corporations with fewer resources in their arsenal. In an effort to do more with less, some small businesses fail to focus on employee safety and risk management. Research shows that not only does a safety focused culture have an excellent ROI, but can also offer small businesses a distinct competitive advantage. See this infographic on the importance of safety focused leadership for tips on setting up a safety program for your employees.