Category: Employee Benefits
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Abortion statistics for accountants
These notes are from Cloud Accounting Podcast and may be useful to those of us discussing the issue with our clients in regard to employee benefit planning. (Statistics are shared without documentation or explanation and commentary is minimized). Abortion statistics:1 in 4 women have had an abortion.54% of abortions are by women of Christian faith.20%…
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Questions about interstate law enforcement on abortion issues
I sent this email below to Preet Bharara this morning in attempt to gather information on this topic of immediate concern to some of our clients. Preet:Thank you for the work you do. I’m a Cafe subscriber listening to your interview with Jeannie Suk Gersen now. As an employee benefits adviser for small business clients…
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How the change in abortion law affects small business accountants
I’ve spent almost four decades dealing with small business owner resistance and noncompliance with employee benefit tax laws. This makes me think that I can predict the outcome of the recent SCOTUS ruling that has divided the nation; at least it’s result within our industry. Looking back in time, we observed the effect of business…
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Beware false security in duplicate health benefit plans
A reminder for health benefits enrollment season: Enrolling in two overlapping health plans will increase total premium cost but may not increase the amount of coverage. Current trends seem to indicate that more individuals are enrolling in duplicate health plans. This can happen when two spouses enroll for family coverage under two different employer plans,…
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Impact of the SECURE Act on business retirement plans
Ted Benna, called “the father of 401(k)s” was one of my first business mentors when I left Wall Street in 1997 and started my own firm serving small businesses in the Doylestown, Pennsylvania area. His comments today in ThinkAdviser on the impact of the new SECURE Act are ‘spot on’: • “Hopefully the operating efficiencies a…
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Why the changes to NJ S4202 ( employee vs contractor) are no big deal
Keep it simple: if you primarily provide your labor to someone for pay then you are an employee. If you run a licensed business, with typical business features like a business plan, advertising, business insurance, and pay business taxes then you likely work as an independent contractor. I’m aware that some people are making a…
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25 Reasons small businesses choose HRA plans
Health Reimbursement Arrangements (HRAs) are praised for financial savings and flexibility
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How to reduce small business labor costs (without paying employees less)
This blog post uses examples of real current small business clients. I’m taking this opportunity to reinforce that the stories and examples that I use in frequent public posts are never presented in a way that compromises the privacy or identity of the business or individual. Small business owners feel the financial pressure of overhead…
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More employer-provided student loan benefits
Last summer we were surprised to learn that IRS approved a way to allow employers to assist their employees with student loan payments on a tax-advantaged basis. I covered it in this blog post. Now a range of new proposals are on the table that are likely to propel this benefit forward. Two of the…
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Coping with loss of security in the gig economy
Forbes published an article yesterday on the important topic of the gig economy and, in general, the loss of financial security and employment benefits that accompanies this trend. This is a huge issue in out lives that, in my opinion, is not getting nearly the attention required by advisers like me. It is foolish for…