Four Things Your Business Needs to Know Now

Change is in the air, at least when it comes to taxes.  There is both good and bad within the new Tax Cuts and Jobs Act (TCJA) that was signed into law in late 2017; however, for most businesses a positive impact is expected.  You have probably heard a lot about tax reform in the past month, but what are the things your business should know about right now to proactively plan for your 2018 tax return? 

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Are breaks legally necessary?

If you don’t know the rules of the Federal Labor Standards Act (FLSA) then it’s time to refresh yourself with the law.  In the state of Iowa, breaks are not legally required, employers must pay employees for time they spend working and for shorter breaks (less than 20 minutes) during the day. An employer that chooses to provide a longer meal break, during which the employee is relieved of all job duties, does not have to pay the employee for that time. 

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Series on Supplemental Benefits

As the new year started, I watched the AFLAC duck attempt yoga on a tv commercial.  AFLAC has done a great job at marketing with the duck.  But I wondered, do people REALLY know how supplemental benefits work.  The next couple months I will do a series of articles on the different carriers, defining the types of benefits available on a voluntary basis, how the plans are implemented and how benefits are paid. This first month, will focus on supplemental benefit basics. 

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Christmas Gift from the President?

As I am sure you have heard, Congress passed new tax legislation just in time for President Trump to call it a Christmas gift from the White House. Well, we are yet to see how much of a gift it is, but one thing we do know is that it is going to change how your taxes are figured and, for at least the next year, it will complicate your tax return. So what was included in this gift? Let’s unwrap it and see.

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