Ask any small business owner about their annual workers’ compensation insurance audit and you’ll likely hear a sigh. The process is famously tedious and can be costly, primarily because many employers assume that their standard “gross payroll” is the amount insurance auditors use to calculate premiums. In reality, insurance carriers calculate your premium based on a highly-specific legal metric called remuneration, money or substitutes for money given to an employee for their services. While the National Council on Compensation Insurance (NCCI) sets standard guidelines for what counts as remuneration across most of the country, states love to write their own…
Posts published in “General Business”
On Independence Day, 2025, President Trump signed into law the One Big Beautiful Bill Act. This 330-page act covers a great deal, most of which will not be discussed in this article, but since it does have an impact on the payroll world, I will review pertinent items including the no tax on tips and overtime provision and the retroactive change to the Employee Retention Tax Credit. Employee Retention Tax Credit For ERTC, there will be no credit allowed for claims involving the 3rd and 4th quarter 2021, filed after January 31, 2024. This is somewhat good news, as Congress…
There has been a significant amount of confusion regarding the new and mostly unknown Beneficial Ownership Information (BOI) reporting requirements, so let’s get to the bottom of what it is and what you need to do to keep your business out of trouble. In 2021, Congress passed the Corporate Transparency Act (CTA), a law to help prevent financial crimes like money laundering, corruption and tax fraud. Among other things, the law requires certain business entities to disclose information about their owners, and those who control the business, to the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Treasury.…