IRS Business Mileage Rate Decreased for 2016

On December 17, 2015, the Internal Revenue Service announced that the standard mileage rates for business will be decreased for 2016.   For the year 2016, the optional standard mileage rate will be 54 cents per mile. Taxpayers have the option of using the optional standard mileage rate to calculate deductible costs of operating an automobile for business purposes.   …

The PEO Industry is Booming

Over the past few years, small businesses have been making a comeback that has initiated an increased need for Professional Employment Organizations (PEOs). As a result, the PEO industry has grown.   PEO Industry Overview Precise numbers are difficult to calculate because the U.S. Bureau of Labor Statistics and Hoovers provide conflicting definitions of what constitutes a PEO. However, the …

Has Employer Health Insurance Coverage Sky-Rocketed?

Are you concerned about sky-rocketing health insurance costs? A new poll reveals some findings that may quell your fears.   Health Insurance Coverage Study Overview In August 2015, Harris Poll conducted a survey for Transamerica Center for Health Studies on 1,500 business executives across the United States. The study found that after the Patient Protection and Affordable Care Act, coverage is …

The Most Creative Work Excuses

Recently, CareerBuilder surveyed about 2,300 hiring and human resources (HR) managers and 3,300 of their employees to learn about calling-in-sick behavior. The survey found that almost 4 in 10 employees called in sick when they were healthy.   The Work Excuses CareerBuilder’s study also collected the actual excuses that went along with calling in sick. The survey discovered that 27% …

Improperly Filed Payroll Will Incur Penalties

Payroll is a highly regulated business obligation for employers that encompasses everything from personal information to federal government requirements. The consequences of improperly filed payroll can be incredibly damaging to your business. The IRS estimates approximately 40% of small to mid-size business in the United States improperly file their payroll yearly and subsequently pay penalties averaging $845. (See U.S. Small …

Family Medical Leave Act Rule Update

FMLA Overview   The Family Medical Leave Act of 1993 (FMLA) is a federal labor law that is defined by the US Department of Labor (DOL) and administered by the Wage and Hour Division. The law is intended to create a work/life balance for employees. As a result, the FMLA requires companies with fifty or more employees to provide workers …

Prepping the Workplace for Generation Z

Millennials have been a workplace buzz word for the last few years and for good reason. Millennials are now an influencing generation in the corporate world by virtue of the sheer numbers of them. (Their population numbers recently eclipsed Baby Boomers.) The oldest Millennials are 35 years old and are now leaders with decision-making power. While businesses were worried about …

Millennials Eye Retirement

With 53.5 million workers, Millennials just became the largest generation in the US labor force, so retirement is not just a Baby Boomer issue. Millennials are concerned about retirement planning too. As a business owner, there are key behaviors to take into consideration when developing a retirement plan for Millennials. Social Security Concerns Many Millennials expect Social Security to go …

Estimated Increase to the Colorado State Minimum Wage for 2016

  The Consumer Price Index for Denver Boulder Greeley has increased by 1.0%, which means a new minimum wage rate for 2016. The minimum wage rule enacted in 2006 to the Colorado Constitution requires the state’s minimum wage rate to be adjusted each year for inflation. The inflation adjustment is based on the US Bureau of Labor Statistics’ Consumer Price Index for All Urban …

Phased Retirement

The scope of retirement is changing for the working world. More and more companies are starting to incorporate “phased retirement” policies in order to make the transition more comfortable for the retiree while retaining skilled and experienced employees. Phased retirement allows full-time employees to move to part-time schedules while beginning to draw retirement benefits. Baby Boomers are living longer, enjoying …