ICHRAs versus QSEHRAs Small employers, which are those not subject to the employer mandate because they have fewer than 50 full-time and full-time equivalent employees, are always looking for ways to provide health coverage for their staff on an affordable basis. Looking ahead to 2020, small employers have two ways in which they can reimburse employees for their individually-obtained health coverage. In other words, small employers don’t have to provide a traditional group health plan to offer meaningful health coverage and not break the bank. Healthcare boggle You know that game where you make words from cubes with letters on […]

So, you’re in an office that no longer suits your needs: the space is too large, too small, inaccessible to public transportation, or for any other reason. Or perhaps you want or need to relocate to another city or state. If your lease has more than just a few months left to run, you probably want to find a way to end your monthly lease payments in a legal and stress-free way. Otherwise, your business (and likely you personally if you co-signed the lease) face considerable financial exposure. What can you do to get out of your commercial lease? Don’t […]

Empathy is defined as the action of understanding, being aware of, being sensitive to, and vicariously experiencing the feelings, thoughts, and experience of another of either the past or present without having the feelings, thoughts, and experience fully communicated in an objectively explicit manner. That’s a mouthful. For some, it connotes a purely emotional response. But in truth, empathy is an important skill for being a successful leader. Why empathy is important Fast Company had an article last year entitled “5 Reasons Empathy Is the Most Important Leadership Skill.” To paraphrase: It begets loyalty in your employees Your staff is more engaged Employees […]

Not all monetary increases in your business are treated as income for tax purposes.  Separating what you feel as more wealth from what is actually taxable income can help you make tax savvy decisions for your business. Here’s a rundown of some items to note. Gross receipts. The sales proceeds you receive for your merchandise is not entirely income. The proceeds (gross receipts) must be reduced by the cost of goods sold (what it cost you for inventory) to arrive at the amount of income that’s taxed. Consignments. Consignments of merchandise to others to sell for you are not sales. This […]

It’s been 243 years since a group of men in Philadelphia signed the Declaration of Independence and started a revolution. Most of these 56 men were small business owners, lawyers, doctors and farmers; 14 were plantation owners.  These men risked it all: “We mutually pledge to each other our Lives, our Fortunes, and our sacred Honor.”  (This is an update of a blog I ran 5 years ago.) Here’s a list from the National Archives of the signers and their occupations to remind us that our businesses, our jobs, and our lives can be on the line when freedom is at stake. […]

“Reading is everything. Reading makes me feel like I’ve accomplished something, learned something, become a better person. Reading makes me smarter.”  Nora Ephron Did you know that reading correlates with success? Tom Corley (Rich Habits: The Daily Success Habits of Wealthy Individuals) says that 85% of successful people read two or more self-improvement or educational books each month.  Whether summertime gives you some extra time for reading or you’re busy but don’t want to miss good reads for your business, here are some ideas. My favorites this summer One book to consider is Grit: The Power of Passion and Perseverance […]

Three years ago, I blogged on this topic. Since that time, things have changed. The opioid crisis is still raging (every day more than 130 people die in the U.S. from overdosing on opioids). More states have legalized marijuana for recreation and/or medical use. The job market continues to be tight (the U.S. unemployment rate in May 2019 was 3.6%). All of these factors may impact your company’s drug policy. What you must do If your business is subject to federal regulations, such as a transportation business subject to DOT drug-testing rules, you must implement a drug testing policy to […]