Archive for April, 2010

Employment Posters Made Easy

Sunday, April 25th, 2010

Employment Poster Image

When talking with our Clients, the topic of employment posters seems to come up often.  The key point to remember is that all of the Federal and State posters are free, on the web.  You don’t need to subscribe to a service.  The tricky part is tracking all the posters down, which takes some effort and time.  

Obtaining posters

For the State of MN, you can obtain the mandatory workplace posters four ways. When ordering, include your contact name, mailing address and phone number.

  1.  Order free, mandatory Minnesota workplace posters online.
  2. Call (651) 284-5042 to place an order by phone; outside the Twin Cities metro area, call 1-800-DIAL-DLI (1-800-342-5354).
  3. E-mail a request to dli.post@state.mn.us that includes contact name, mailing address and phone number, as well as the number of poster packets needed.
  4. Send a request by mail to:  DMT Poster Requests, Minnesota Department of Labor and Industry, 443 Lafayette Road N., St. Paul, MN  55155.

*If your business is outside the State of Minnesota, or you have employees in other States, you can reference the following sites for further information:

http://www.mystateposters.com

http://www.laborlawposter.us

http://www.laborlawposters-online.com

http://www.laborlawcenter.com

http://www.hrdirect.com/employmentposters

Additional mandatory posters

In addition, some U.S. government agencies have mandatory poster requirements, just click on the links for details on how to obtain them.

Equal Employment Opportunity Commission
Communications and Legislative Affairs
1801 L Street N.W., Room 9405
Washington, D.C.  20507
Phone:  1-800-669-3362

U.S. Department of Labor
Wage and Hour Division
220 S. Second Street, Room 106
Minneapolis, MN  55401
Phone:  1-866-487-9243

For a Summary of Required Federal Posters, Click Here.

Article provided By:

Jean Austin, SPHR
Manager of HRIS Services
Payroll Control Systems

Legal Disclaimer: This article is intended for informational purposes only and by no means should replace or substitute other legal documents (governmental or non-governmental) reflecting similar content or advice. If you have any questions concerning your situation or the information provided, please consult with an attorney or an HR Professional.

PCS WELCOMES SUSAN LINDSAY

Sunday, April 25th, 2010
Susan Lindsay

Susan Lindsay

Susan has joined Payroll Control Systems to assist the implementation team in the role of New Client Coordinator.  Her background has been in the Payroll and Human Resource Information Systems for nearly 15 years.  During that time she spent 5 ½ years with a national payroll service implementing major accounts and managing payroll processing, conversions and client upgrades.  Her background also includes managing payrolls for companies from 2 to 1,600 employees.  Her experience covers just about every type of company in every market sector.  When asked about her biggest challenges she responded that, “Some of my more challenging implementations have been done for not-for-profits, and companies with multiple unions and collective bargaining agreements, manufacturers, religious organizations and professional sporting teams.”  She has spent the past few years on HRIS and HR/PR Analysis, as reporting and data analysis have long been my specialties.  We are excited to have Susan aboard and are looking forward to her contributions to PCS.

Exit Strategies Help Maximize the Value of a Business

Sunday, April 25th, 2010

Exit Strategies Build Biz ValueSooner or later, all business owners will need to transfer ownership of their businesses, either through a succession plan or a selling strategy. Selling a business is the final part of the owner’s role in building it. For most business owners, this is an emotional and sometimes overwhelming event. 

Unfortunately, some owners exit their businesses under less than ideal circumstances. This can be the result of reacting to an unsolicited offer or selling for the wrong reason at the wrong time. 

However, with some strategic planning, owners can maximize the value of their businesses, control the timing of the sale, increase the likelihood of a smooth transition, and ultimately reach their personal financial goals. 

Given the benefits of planning, what are the critical questions to ask in the planning process? The answer is that there are many. Here are a few of those questions: 

  • How long have you owned your business?
  • How long do you want to continue operating your business?
  • What does “retirement” mean to you?
  • How much money do you need to retire comfortably?
  • How much wealth would you like to transfer to your heirs?
  • What can you do to reduce your estate taxes?
  • Have you given any thought to succession planning for your business?
  • How much is your business worth?
  • How much does your business need to be worth to achieve your goals?
  • How will you know it is the right time to sell your business? 

The answers to these and other questions directly impact the parameters of the sale of a business and the achievement of retirement goals. Addressing these questions today, even if the owner plans to sell many years from now, will put in place cornerstones of a successful exit strategy and allow the owner to control the timing of the eventual sale. 

Effective exit strategies require input from advisors. In answering the above questions and designing an exit strategy, owners should include advisors, such as an experienced business broker, financial planner, trust and estate lawyer, CPA and transaction attorney. These advisors should be included in the exit strategy development as early as possible in the process.

Finally, with proper planning, business owners can control when and how to sell the business. With an effective exit strategy, an owner can sell when he or she has achieved personal financial goals, and assess proposals with increased flexibility. In short, the seller will be in a strong negotiating position.

Being prepared with an effective exit strategy can result in a higher price for the business, protect employees and family and empower the seller to control retirement issues in an orderly fashion.

The second of this three-part series will cover estate planning and financial planning and how each can help you maximize the value of your business and control the timing of its sale.

 By Thomas W. Lyons

 Note: This article is the first in a series of three articles on preparing for the sale of a business.

Thomas W. Lyons is founder and principal partner of Faelon Business Brokers, a Minneapolis-based mergers and acquisitions advisory firm. Mr. Lyons is author of Exit Strategy: Maximizing The Value Of Your Business and conducts seminars based on the book for business owners and advisors. For 35 years, Mr. Lyons has owned, operated, bought and sold businesses; for the past 25 years, he has advised and represented owners in buying, selling and planning for business exit strategies.  He is also the host of Today’s Business Radio.com and can be heard on 830 WCCO at 11:00 a.m. on Saturdays.

More information and the book can be found at www.faelon.com.

Legal Disclaimer: This article is intended for informational purposes only and by no means should replace or substitute other legal documents (governmental or non-governmental) reflecting similar content or advice. If you have any questions concerning your situation or the information provided, please consult with an attorney or an HR Professional.

PCS LAUNCHES TRUSTED EMPLOYEES BACKGROUND CHECKS

Sunday, April 25th, 2010

Trusted Employees ImageOver the past year PCS has been reviewing our strategic partners to make sure they are a good fit for PCS and its Customers.  As a result, we have chosen to partner with a new background check provider, Trusted Employees, and have been working with them behind the scenes structuring our relationship.

Trusted Employees is a Minnetonka based employee screening service provider that has been providing background checks and employee screening for the past 15 years.  They offer a broad range of screening solutions for small, medium and large scale organizations.

As a function of our partnership, they have provided us some basic, common screening packages which offer our Clients very competitive prices.  Besides the competitive pricing, another great benefit is that PCS will be bill the Client directly truly making this a seamless partnership.

We’ve created a page on our website which explains the FREE sign up process which allows you to take advantage of this new service.  Click here to visit our website and start making better hiring decisions today!

NEW HEALTH CARE TAX CREDIT MAY SAVE SMALL BUSINESSES BIG MONEY

Sunday, April 25th, 2010

Health Insurance CreditIncluded in the Patient Protection and Affordable Care Act approved by Congress last month and signed into law by President Obama, the small business health care tax credit is one of the first health care reform provisions to go into effect.  The credit is designed to encourage small employers to offer health insurance coverage for the first time or maintain coverage they already have.

In general, the credit is available to small employers that pay at least half of the cost of single coverage for their employees in 2010.  Here are the highlights of the new tax credit:

  • For tax years 2010 to 2013, the maximum credit is 35% of premiums paid by eligible small business employers and 25% of premiums paid by eligible tax exempt organizations.  On January 1, 2014 the rate increases to 50% (35% for tax-exempt employers).
  • The maximum credit goes to smaller employers with 10 or less full-time equivalent (FTE)* employees paying an average of $25,000 or less.
  • The credit is phased out once an employer reaches 25 FTEs or more – or that pay an average wage for their employees which exceeds $50,000 or more per year.

* Since the eligibility rules are based on full-time equivalency, (40 hours per week per employee), it is possible that an employer that utilizes part-time employees may qualify for full credit even if they employ more than 10 employees.

To find out if your business is eligible, simply follow the three simple steps fact sheet  provided by the IRS.  You can also run through several scenarios to see how the credit applies to employers in different circumstances.

Eligible small businesses can claim the credit as part of the general business credit starting with the 2010 income tax return they file in 2011.  For tax exempt organizations, the IRS will provide further information on how to claim the credit.

The IRS is beginning a postcard mailing to more than 4 million small businesses and tax exempt organizations to help raise awareness of this benefit.  Please follow the links below for more helpful updates from the IRS:

View the postcard

More information about the credit from the IRS 

Step by step guide 

Frequently asked questions 

News release IR-2010-38 – description of the credit and how to claim it

Legal Disclaimer: This article is intended for informational purposes only and by no means should replace or substitute other legal documents (governmental or non-governmental) reflecting similar content or advice. If you have any questions concerning your situation or the information provided, please consult with an attorney or an HR Professional.

Hire Act Update

Sunday, April 25th, 2010

 

Hire Act UpdateWe have received numerous updates from the IRS since the March Issue of PayNotes and continue to monitor the IRS website on a daily basis.  Included in the updates are:

  1. FAQ from IRS on HIRE
  2. New Form W-11 which is the Affidavit that employers must have the employees complete in order to comply with the regulations of the Act.
  3. The language of the Act itself.

We have been keeping our original article on HIRE updated with these new releases including the Wizard which can help you identify if any new hires qualify your company for the exemption.  To access the article, click here.

For our Clients, there are a number of steps that need to be taken in order to ensure the employer Social Security Tax exemption is computed and reported correctly.  PCS’s software is now updated to allow for the recording of HIRE Act events.  If you have a qualified new hire to setup, here is what you need to do:

  1. Be sure to have the employee fill out and sign the Affidavit (W-11 ). Retain these records and do not send them to PCS.
  2. Notify your Client Account Manager via email or phone that you have an employee to apply the credit code to. Your Client Account Manager will make the appropriate notations and will take care of the employee coding for you at this time.

Again, we will be keeping this page up to date as new information is available, be sure to check back on a regular basis or contact your Client Account Manager for any assistance!

Legal Disclaimer: This article is intended for informational purposes only and by no means should replace or substitute other legal documents (governmental or non-governmental) reflecting similar content or advice. If you have any questions concerning your situation or the information provided, please consult with an attorney or an HR Professional.