Federal Tax Watch Special Edition 2009

Mid-Year Tax Planning for 2008

Federal Tax Watch

General Business/Management Strategies

How minimum wage laws work
The Fair Labor Standards Act outlines federal rules for minimum wage and other labor issues. State laws may supercede the act, but the information in the act is something every employer should know.

Relaxing the dress code? Try Fridays first
If you’re considering changing your workplace from a traditional business dress code to business casual, it might be wise to try “casual Fridays” first. Whether you call it a pilot program, a gradual transition, or getting your feet wet before you decide whether to take the plunge, a trial run might save you some big headaches.

Sense of humor can be an asset ... or not
Leaders in the spotlight have often found a positive, well-developed sense of humor can help further their careers and enable them to be more effective in business situations. But business people should exercise caution by evaluating whether humorous comments are perceived positively or negatively.

Family Business/Succession

Buy-sell agreement calms succession woes
Do you and other key members of your family business have an agreement describing what happens in the event of your death, disability or withdrawal from the business? If you don’t, develop one. If you do, keep it current.

IRS to eye businesses for tax compliance
In each of the next three years, 2,000 business taxpayers will be randomly selected by the IRS for comprehensive examinations to collect data on employment tax filers. The IRS says the results will allow it to gauge more accurately the extent to which businesses properly comply with employment tax law and related reporting requirements.

How to groom new managers for success
You have just completed an exhausting executive search for the perfect candidate for that vacant managerial position. You found the right person. Your offer was accepted. Now you can rest, confident that your new manager will make you proud. Wrong!

Manufacturing

Many CFOs skip vacations
Nearly one in three chief financial officers are forgoing vacations in these tough financial times to stay at work and tend to business, according to a new survey by Robert Half International.

Change is inevitable: How to handle it
It is not always as simple as it may seem to evaluate whether a change had the expected results or if it needs modification. Here are some questions to consider to help you review a change made by your company.

Preventing employee injuries pays off
Back injuries account for nearly 20 percent of all injuries and illnesses in the workplace. They cost the nation an estimated $20 billion to $50 billion per year, according to the National Institute for Occupational Safety and Health. The average cost of a low-back-associated workers’ compensation claim is nearly $8,500. Clearly, anything you can do as an employer to reduce these risks among your employees is well worth the effort.

Construction

Manage people carefully during rough times
Times are tough. The media is constantly blasting bad news, recession is the word of the day, your company is trying to do more with less, and that increases the stress level for all concerned – including you. You didn’t cause the problem, yet the problem is yours to manage, and the problem affects your people. How do you manage people in these tough economic times?

Bigger tax breaks for energy efficiency
Homeowners who make energy-efficient improvements to their home in 2010 can take a 30 percent credit as a result of tax changes made in the economic stimulus package. The law increased the credit from 10 percent to 30 percent and extended it to include 2010 improvements. The maximum cap was also extended to $1,500 from $500 for all property placed in service in 2009 and 2010.

Look for warning signs in buyer's market
There are three often overlooked areas for real estate bargains: short sales, foreclosures and REOs (real estate owned by lenders). But -- as always -- let the buyer beware.

---