Maneuvering through federal rules and tax regulations has never been an easy task, especially when you are simultaneously trying to grow your business. The Affordable Care Act makes those waters murkier to navigate with the various stages of implementation and rules for different sized companies.
As a small or medium sized business owner, there are some significant dates to keep in mind in 2014 as the Affordable Care Act begins to take effect.
Annual holiday parties are an important way to celebrate the year’s accomplishments and your employees’ hard work. However, mixing business and pleasure can make even the most seasoned HR professional nervous as improper conduct, offensive behavior or other violations can occur, leading to potential liabilities for you.
There are ways you can still throw a great party while ensuring your employees stay off the HR naughty list:
We’re happy to announce that this week, Group Management Services (GMS), received the Weatherhead 100 award in recognition as one of Northeast Ohio’s fastest growing companies. From 2008 through 2012, GMS experienced a 55.5% growth in sales, making us the largest Ohio-based professional employer organization. The Weatherhead 100 award is given to companies whose net sales grew from at least $100,000 to over $1 million in the last five years and employed a minimum of 16 people full-time in 2012.
The news channels are flooded with updates on the trials and tribulations of the Affordable Care Act's website and accompanying registration process. Politics aside, the implementation of this piece of legislation could mean big changes and larger financial challenges for your health benefits plan.
Most small business owners today are able to provide some form of health insurance coverage for their employees through large commercial healthcare plans. However, with the Affordable Care Act, these plans will come at a cost for business owners. In fact, Ohio businesses are expected to see a 71% increase in these premiums.
These high increases may force you to reduce or eliminate the health benefits you are able to extend to your employees, forcing them to buy insurance from the government’s healthcare marketplace.
With the waters of healthcare becoming murkier every day, employers and employees abdicate many of the cost-auditing responsibilities regarding their healthcare to their insurance company. Unfortunately, placing this level of trust in your company’s health insurance carrier leaves the proverbial fox to mind the hen house.
Those who purchase health coverage through a commercial provider mistakenly believe their insurance company is actively advocating for them and monitoring the costs incurred for healthcare services. While this is far from the case, the shocking part of this reality is that the insurance companies are forcing you to pay more than you should for your company's coverage.
In 2014, small group health insurance premiums in Ohio are expected to increase by 71%. As a business owner, you know that healthcare is already a significant expense, and increases like this are likely keeping you awake at night, wondering how you can keep employees insured AND pay the bills.
Fortunately, you can start sleeping better again, because Group Management Services has a completely unique and customizable solution that enables you to provide the coverage your group needs while limiting your expenses and business risks associated with healthcare coverage.
To give you an idea about how GMS can do this, let’s first take a look at how small and medium-sized businesses are covered today: fully insured plans.
Effective September 1, new withholding tables will result in increased take-home pay for Ohio workers. Governor Kasich’s plan will lower the income tax rates 10% over the next three years with a majority of the decrease coming in 2013. In addition to the lower payroll withholding rates, small businesses will see tax savings of up to 50%. And while that’s great for payroll and businesses, Ohio will also see an increase in sales tax by .25%.
A brief description of the withholding rate change was released by Tax Commissioner Joe Testa on August 26th, and can be found at: http://www.tax.ohio.gov/Portals/0/communications/news_releases/NR_TaxWithholdingCut.pdf.
The Department of taxation released an update of the sales rates on their website at: http://www.tax.ohio.gov/sales_and_use/rate_changes.aspx.
Have questions? Leave a comment below or contact us at 330-659-0100!
Although it’s still warm and the swimming pools are still open throughout Ohio, you’ve probably already started thinking about what needs to be done to prepare for the cold months ahead.
This preparation for the inevitability of winter is a fact of life in this part of the country. Similarly, because you have some time to prepare for worker's compensation claims (it takes two years before a claim impacts your premium), you can prepare yourself to mitigate the cost and impact on your BWC premium.
Follow the tips below to protect yourself in the face of worker's compensation claims:
Take off the Recruiter Hat
Life-work balance for small business owners begins with self-control. Owners say they have too many roles to play but stubbornly hang on to them all. Sooner or later, owners like you have to give up something. I would start with recruiting.
When I was little my mother always told me that “patience was a virtue”. That was always her response when my sister and I would bother her with the all too famous phrase of “Are we there yet?” during our annual family vacation trips. Little did I know that the phrase she would tell us would come in handy down the road in my career and more specifically, in the realm of unemployment claims management.