During the pandemic, cash has been tight for many small businesses, which may make it hard to attract and retain skilled workers. In lieu of providing cash bonuses or annual raises, some companies may decide to give valued employees a share of their future profits. While corporations generally issue stock options, limited liability companies (LLCs) […]
Category: Labor
Tax Advantages Of Hiring Your Child At Your Small Business
As a business owner, you should be aware that you can save family income and payroll taxes by putting your child on the payroll. Here are some considerations. Shifting business earnings You can turn some of your high-taxed income into tax-free or low-taxed income by shifting some business earnings to a child as wages for […]
New COVID-19 Relief Law Extends Employee Retention Credit
Many businesses have retained employees during the COVID-19 pandemic and enjoyed tax relief with the help of the employee retention credit (ERC). The recent signing of the American Rescue Plan Act (ARPA) brings good news: the ERC has been extended yet again. The original credit As originally introduced under last year’s CARES Act, the ERC […]
New overtime rules could inflate payroll expenses
A proposed rule, issued by the U.S. Department of Labor (DOL), would update the overtime exemptions for so-called white-collar workers under the Fair Labor Standards Act. If finalized, the new rule could lead to higher compensation and payroll tax expenses for employers, including nonprofits. What are the current rules? Under the existing regulations, an employer […]
How to become an employer of choice
Spring means a weather warmup and more projects underway. It can also be a time of desperation, when contractors need to hire new employees before the busy season takes hold. With the construction industry continuing to face a nationwide shortage of skilled labor, it’s critical to look for any edge you can find to distinguish […]
Why it’s worth going above and beyond OSHA compliance
Every contractor is aware of the importance of complying with safety rules set forth by the Occupational Safety and Health Administration (OSHA). There are heavy penalties and fines associated with noncompliance. And most construction businesses take steps to at least meet the minimum qualifications. But why be satisfied with the bare minimum? There are several […]
Tips on managing and reducing payroll costs
Every construction company must pay its employees, so some payroll costs are unavoidable. But precisely how you should go about paying your employees can change over time. What made sense a few years ago may not be as logical or efficient now. Let’s look at some ways contractors can streamline payroll tasks to keep costs […]
Judge issues injunction against new overtime rule
In recent months, we have written to you about the new overtime rule and how it could impact construction firms and nonprofit organizations. The new regulations under the Fair Labor Standards Act were set to take effect on December 1. Implementation of the new overtime rule has now been delayed by order of a federal judge. Specific […]
How the new overtime rule will affect the construction industry
This past May, the Department of Labor (DOL) released a final rule that dramatically alters how employers across the country will approach overtime pay. And the construction industry stands to be heavily affected by the changes. Like many contractors, you may have project managers, estimators and other salaried employees who are currently exempt from receiving […]
What the New Overtime Rule Could Mean for your Nonprofit Organization
Under the Fair Labor Standards Act (FLSA) employers must pay their employees a minimum of time-and-a-half for hours worked over the standard 40-hour work week. Traditionally, most white-collar employees were exempt from this rule. But that’s about to change. On May 18, the federal Department of Labor (DOL) issued its final rule updating overtime regulations. […]