The underutilized benefit the IRS doesn’t want you to know about!
With the rising cost of health insurance and increasing out-of-pocket expenses, there are additional expenses being put on both employees and employers due to the ACA. Employers are challenged, chief among these balancing the value of health benefits and optional coverage provided to employees, versus the costs and reporting burdens put on employers and employees.
“In most markets, the best employees have already been hired.”
Is this how you begin to feel, any time you need to fill a vacancy at your organization?
When it is time to hire, you can often run into a double problem: not only is it hard to find qualified employees, it is a challenge to decide what set of employee qualifications will help your organization grow and succeed.
With a fully integrated employee data system, hiring managers are going to have even more tools to manage both of these problems.
In the modern small business, the dream is administrative simplicity. The interplay of law surrounding taxes, employment, wages, and everything else involved in just maintaining a business entity is mind-boggling, not to mention the paperwork involved every step of the way.
“Though she be but little, she is fierce!” ― William Shakespeare, A Midsummer Night’s Dream
Small businesses think and act big, there’s no doubt about that, but when it comes to brokers they tend to retreat into a “smaller is better” mentality.
Just because your small business is running strong however, doesn’t mean small brokers or one-man-shows are your best option.
You see, this business is not a place in which small or novice brokers can survive or thrive (at least not anymore). In fact, many small brokers have simply been overwhelmed. Not just by their workload, but by the constant learning, development, and training they endure in order to remain current in the industry.
As a result, some of these small, novice, or one man brokers have resorted to cutting corners, delivering less than quality services, and have even been negligent to their clients needs. Meaning you get stuck with benefit plans that may or may not be right for your business. Even worse, you could be slapped with hefty fines and penalties should certain compliance regulations not be met.
So lets be honest, do you really feel your small business and it’s big goals should rely on small brokers to provide the best possible services, advice, and solutions?
Are you and your business willing to pay the penalties if your overloaded or inexperienced broker cuts corners? And, do you truly feel you and your business will receive the attention you deserve as these smaller brokers struggle to manage a growing number of tasks and regulation requirements on their own, all while juggling other clients too?
While smaller can sometimes mean better, in this industry, it’s simply not the case. Instead, you should seek out strong, experienced brokers with the appropriate amount of trained, licensed, and knowledgeable team members on-board who can handle all the intricate tasks that help keep your business compliant and running smoothly.
Larger, more experienced brokers such as ourselves can help small businesses by creating worksheets, payroll deductions, providing enrollment assistance, offering COBRA and Cafeteria 125 plans, and knowledgeable on-call support staff who can help you anytime.
An employer who fails to comply can be subject to penalties, lawsuits and exposures when not properly supported by a skilled and knowledgeable employee benefits broker
Business Regulations Driving You Nuts? 3 easy steps to help you ensure compliance.
Compliance is a hot topic right now, OK, so maybe not as hot as Pokémon GO or the DNC, but with news stories coming out almost daily about companies facing legal trouble from regulatory missteps or illegal business activity it’s clear that compliance is a hot topic at least in the business world.
What causes a business to become non-compliant?
Non-compliance may be the result of cutting corners, negligence, ignorance, or misinformation about the ever-changing laws, but whatever the reason, the penalties are the typically the same, hefty fines or the loss of one’s company.
“But how am I supposed to focus on my business when my days are spent constantly learning about compliance?”
Luckily, we work with thousands of companies likes yours every day to help them maintain compliance so they don’t have to. With that said, here are three tips for navigating the regulatory environment around your business – without losing focus of your core business or going insane trying.
1. Identify Compliance Issues Outside Your Realm of Expertise
Every business whether it’s a local restaurant or a hedge fund dealing with millions of dollars has compliance issues central to their business. Compliance issues arise from the moment you open your business and increase from there on out.
From how and when you pay your employees to where your business name is registered. Even the requirements on your website, compliance demands are in every piece of your business.
If that weren’t stressful enough, these regulations are constantly changing and increasing in complexity. For example, the Affordable Care Act has introduced and refined compliance issues that touch on everything from medical benefit availability, employer responsibility, tax reporting, benefit plan design, to the way insurance can be sold and then some.
So while you may know the best way to make and serve Zitti, if you don’t know how to design a good benefits plan, then you should be honest with yourself and seek help from those who can manage that aspect of your business.
2. Find Trusted Partners
It’s imperative when you decide to seek help, that you find partners you can count on. One’s that won’t cut corners and who are certified and licensed. Also look for those who are active in peer groups, trade organizations or their own community.
You should also ensure they have a solid reputation in the industry. Be sure to check and see if they have long-standing clients that can back their claims and great reviews online.
Just as you are the expert in your area of business, there are other businesses whose expertise is keeping companies like yours compliant.
3. Never Stop Learning or Asking Questions
Did you know top business leaders like Bill Gates, Oprah, and Warren Buffet commit to 5 hours a week of deliberate learning?
Even industry giant like these realize the importance of learning and how it adds to their continued success.
Once you’ve selected a group to help you ensure compliance, don’t just stop there. After all, this is your business and the more you know, the better.
Don’t be afraid to check in and ask questions. After all, it’s important to know how they are continuing to learn and evolve to meet new regulations. An expert should always be able to educate their clients and make them feel comfortable.
– This communication is for informational purposes only; it is not legal, tax or accounting advice; and is not an offer to sell, buy or procure insurance.
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