As a small business owner, you’re always trying to find new ways to make your business simpler, safer, and stronger. Co-employment is one way that employers can not only accomplish these goals, but also save time by leaving HR tasks to the experts.
A co-employment relationship with a Professional Employer Organization (PEO) allows small business owners to outsource key HR functions like payroll and employee benefits. While co-employment can help employers free up their responsibilities, it’s not always clear exactly how this relationship impacts a business. Let’s break down what co-employment means and why it may make sense for your organization.
When you own a small business, you have several responsibilities that you need to oversee throughout the year. Payroll tax management is one of the more notable obligations that are on your plate. Unfortunately, it’s not necessarily obvious how to estimate payroll taxes for a small business.
While it’s not the most enjoyable job, it’s critical that you calculate payroll taxes correctly. Every employer must withhold payroll taxes from each paycheck, so proper handling of these deductions is important to both your employees and the government. This responsibility is a lot of pressure for a small business owner who isn’t familiar with how to withhold payroll taxes. That’s why we’ve put together a breakdown of how to calculate payroll taxes for your small business.
The employee performance review has been a standard business practice for decades. However, not all organizations recognize that there’s a fine line between a valuable performance review and an unhelpful one.
When done well, performance reviews are an incredibly powerful tool for driving employee success. When done poorly, they simply waste time and leave employees frustrated. The downsides of bad performance reviews have led some companies to shift away from performance reviews in recent years. However, it’s better to solve these issues than avoid them altogether.
There is immense value to developing an open, honest avenue for managers to discuss an employee’s performance and opportunities for growth. Let’s break down what your business can do to create positive appraisal experiences that drive your employees to succeed.
With the soaring costs of healthcare in the U.S., many citizens feel they are left with little to no alternatives when it comes to significant surgeries and procedures. This has helped propel many to look into the latest trend of “medical tourism” in an effort to get the operations they need without breaking the bank.
Citizens may be uneasy about the idea of receiving care outside of the United States, but there are some great facilities and specialists in other countries where the same level of treatment—or even better in some cases—can be received at a fraction of the price. That was the case for GMS employee Christine Mace when her husband Dan required hip surgery back in 2016.
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.