On Dec. 22, Gov. John Kasich signed legislation that clarified the 2013 small business tax statute, assuring that Sub S Corps adopting the PEO model will enjoy the same tax savings as all other Ohio small businesses. GMS took a leadership position in the industry that led to this legislative victory.
In 2013, Ohio business owners became eligible for small business deductions, reducing tax rates down to three percent. It wasn't until August 2016 that a client's tax practitioner noticed the issue on the Ohio Department of Taxation website containing instructions for the small business income deduction. FAQ No. 28 said that Sub S owner's wages paid by a PEO is not subject to the deduction.
The client contacted their Client Services Manager, who in turn contacted GMS's Chief Financial Officer, Mark Watkins. Watkins realized that this was a major issue for all PEO clients who are Sub S Corps in the state.
Group Management Services announced today that they have been named a Certified Professional Employer Organization by the United States Internal Revenue Service.
The designation was created as a provision of the Small Business Efficiency Act in 2014. This makes the CPEO solely responsible for payroll taxes and penalties and assures clients that they are partnering with a financially responsible and stable organization.
“We’ve completed this rigorous certification process with in depth financial reviews and audits of our business processes as well a thorough background check of our upper management,” said Mike Kahoe, President of GMS. “This shows our customers and prospects that the IRS is holding us to a certain standard, which helps legitimize our growing industry.”
GMS, a Professional Employer Organization headquartered in Richfield, Ohio, announced today that 20-year software and technology veteran Christian Tracey has joined the company as Chief Technology Officer.
Tracey will play a key role in crafting GMS’ go-to market technology strategy, as well as leading the internal IT function, as the company embarks on the next phase of growth.
GMS’ Stacey Larotonda Honored as a Patriotic Employer by the Employer Support of the Guard and ReserveJune 6, 2017 8:00 AM
Group Management Services was recently honored as a Patriotic Employer through the Employer Support of the Guard and Reserve. Stacey Larotonda (VP Client Services) was nominated by GMS Account Manager, Lauren Handley, Petty Officer First Class in the Navy (E-6), who is currently serving an 8-month tour in Afghanistan.
Retired USAF Lieutenant, Colonel Chaker Fadel, serves as the Employer Outreach Coordinator for the ESGR. Fadel presented Larotonda with the award on April, 21 2017, which is given to an employer who has shown exceptional support of The National Guard and Reserves.
A company can offer the best product or service around, but if no one knows about it, they will never succeed. In today’s consumer market, it is more important than ever to get the word out about your business. Here are a couple ideas to get you started.
Americans work the majority of their lives with the hope of one day retiring and enjoying the fruits of their labor. Unfortunately, more and more people have to work well into their golden years without any end in sight. This is especially true for people that work for small businesses for the bulk of their career.
The United States Construction Industry is sure to face some changes in the coming year, with the change of leadership and direction of the country. Regardless of your position, there has been a push for investment in this country’s infrastructure on both sides of the aisle.
President-elect Trump has mapped out a $1 trillion infrastructure plan with the help of Economic Advisors Peter Navarro and Wilbur Ross. They have broken down a 10-year plan, with the focus of funding coming from private entities. The idea is for these revenue generating projects (i.e. Utilities, toll roads, airports…etc.) to provide tax credits to the private investors to be counterbalanced by the employee and company taxes generated from these projects.
All parties have agreed on the need for investment into our infrastructure, which in turn, should generate more jobs in the construction industry across the country. That being the case, there are HR issues that need to be addressed through the industry to aid in this growth.
Creating a startup venture is no easy task. Startups come in all shapes, sizes, and industries. People often think of startups as simply tech-oriented companies, but that is not always the case. Neil Blumenthal, cofounder and co-CEO of Warby Parker summarizes it saying, “A startup is a company working to solve a problem where the solution is not obvious and success is not guaranteed.”
A federal judge has blocked the upcoming Department of Labor (DOL) overtime rule instituted by the Obama Administration. The rule was set to take effect Dec. 1, 2016, increasing the salary threshold for overtime eligibility from $23,660 to $47,476. This would have made any workers under the threshold eligible for overtime pay for over 40 hours worked per week.
As Americans, the freedoms we enjoy every day are largely thanks to those that serve and protect our country. Unfortunately, when many veterans come back from serving, the transition to civilian life is not an easy one.
According to the Department of Labor, the veteran unemployment rate in this country is 4.3 percent. The U.S. Department of Veteran Affairs goes on to state that veterans make up 11 percent of the adult homeless population in this country.
Group Management Services President Mike Kahoe recently made an appearance on The Steve Harvey Show’s Veteran’s Day Special. The show featured Ashley, a 30-year-old Navy veteran who was honorably discharged a year prior. She had a degree in psychology and a passion for helping others in her position with the hopes of a career in Human Resources. She was struggling to find work until Mike stepped in and offered her a position with Group Management Services.