Eric Allen Kauk

5 Tendencies Boss’ Should Avoid To Retain Employees in The Era of Quiet Quitting:

According to a survey by Quality Logo Products, eighty-five percent of employees said they would quit their job if they had a bad boss. That is why bosses should be aware of their impact on their employees, especially during these times of quiet quitting.

In the survey by Quality Logo Products employers stated the five things they dislike the most that their bosses do. Most employees said the worst quality of a boss is talking down to them.

The second worst quality was poor communication and following that was micromanaging. Other employees said the worst quality was creating unnecessary competition or blaming them when things go wrong. Therefore, to foster a positive work environment bosses should ensure they avoid those mentioned tendencies.

For more information on how to promote employee retention, contact Eric Allen Kauk, Esq., LL.M. of Future Firm Law at (813)-851-0829 or via email at [email protected] for guidance.

Offering Benefits Support During Winter Could Mitigate Depression in Employees

Adjusting benefits to support seasonal shifts such as seasonal affective disorder is important for employers to consider this winter season. It’s estimated that about 10 million Americans are impacted by seasonal affective disorder, which is a variety of depression that is triggered by the changing of the seasons. It can be hard for employers to figure out how to provide support during this specific time when many employees are suffering.

Many employees take more time off during the darker and colder months, so finding ways to mitigate this loss is essential for employers to figure out. On average, companies lose $300 billion every year because of mental-health related problems that affect employees, which may not account for seasonal affective disorder (SAD). Often, SAD is not treated correctly and/or is misdiagnosed, sharing many of the same symptoms of depression and chronic anxiety, such as loss of interest, irritability, lethargy, sadness and mood swings. Because these symptoms aren’t permanent and only affect employees during a certain time of the year, it can be hard for workers to ask for help and figure out what’s going on.

When it comes to happiness, people who are affected by SAD may have a drop in serotonin during winter which makes them more vulnerable. If employers are aware of changes in their employees when it comes to mood and habits, spotting warning signs can be a signal to step in and help workers during the holidays.

Offering telemedicine partners is a great way to offer help to employees, while also reiterating paid time off policies so that employees know taking time off can be used as a preventative measure to prioritize health and well-being.

If you are noticing signs of anxiety or depression, having an honest conversation with an employee can go a long way in helping them find the help and support they need. For more information on employee benefit options, contact Eric Allen Kauk, Esq., LL.M. of Future Firm Law at (813)-851-0829 or via email at [email protected] for guidance.

Employees are Thriving with Hybrid Work Environments

Fully remote work options are expected to become less common by January 2023, but keeping the digital workplace available to employees is a good step to take in order to benefit and retain employees. With more flexibility, workers can choose the right environment for them to be productive, and empower themselves to work in the situation that suits them the best.

Compared to working remotely, employees spend twice as much money working from the office, paying for amenities such as meals and commuting. Generally employees spend $863 per month at the office versus $432 per month working from home. However, it’s important to remember that employees still expect to get paid the same whether they are working remotely or in the office, so offering remote work isn’t a reason to lower compensation.

Many employees actually feel more productive when working from home, with about half of staff members feeling they are more creative, better at meeting deadlines and more focused when working remotely. Hybrid options are great to offer, because although employees like doing certain tasks from home, opportunities such as team collaborations are preferred to be done in-person. Offering a hybrid option lets employees arrange their schedules depending on what kind of work needs to be done, allowing for change of location based on the situation.

Offering a hybrid work environment is a great option that offers employee benefits without cutting into the budget. Giving employees the agency to work from home offers a better work/life balance for staff, with 60% of workers agreeing that work/life balance is improved with remote options.

For more information on offering hybrid work and other benefits to your employees, contact Eric Allen Kauk, Esq., LL.M. of Future Firm Law at (813)-851-0829 or via email at [email protected] for guidance.

App Allows Employees to Better Understand their Benefits

Choosing between financial security or healthcare can be a tough call for employees to make, and with so much economic uncertainty, empowering your staff to be able to choose both is ideal. Because 65% of employees are trying to cut their discretionary spending to put more towards necessities, often, healthcare is the easiest expense to remove. With 28% of employees reporting not going to the doctor’s for wellness checks or screenings in order to save money, and with 14% either postponing necessary medical procedures or not getting a prescription filled, employees are sacrificing their health and wellbeing.

Because of inflation, it’s likely that every employee had a month’s paycheck completely disappear. Costs seem to rise faster than wages are increasing, and helping workers not have to make trade offs when it comes to their healthcare should be of prime importance to employers. Empowering employees to use their benefits more thoroughly is a great place to start. With 80% of workers believing that benefits help support them in their financial security, and 78% of workers saying being prepared for any out-of-pocket health costs is very important to them, it’s astounding that only 40% of workers have an FSA or HSA.

It can be challenging for employers to get employees to take advantage of their benefits, and an app called Elevate plans to make it easier. The platform’s goal is to make benefits and healthcare easier for employees to understand and use. Elevate provides employees with access to their personal information through a mobile app or online, where a chatbot offers support around-the-clock for queries surrounding utilization. The platform also offers information on available benefits and how to use them, along with their real-world impacts. For example, paying a $100 copay doesn’t sound so bad if workers knew they had a well-funded FSA or HSA to help cover costs.

For more information on employee benefits options, contact Eric Allen Kauk, Esq., LL.M. of Future Firm Law at (813)-851-0829 or via email at [email protected] for guidance.

Providing Employees with a Benefits Survey Helps Retain Staff

A lot has changed within the last year including the workforce, the economy, and the healthcare industry. When it comes to the workforce, HR personnel are feeling these changes more than ever, and figuring out the proper benefits renewal strategy can be challenging. But the best way to deal with these challenges and to get the data needed to ensure your benefits packages are competitive involves asking your employees what they want to see.

Conducting an employee survey is a great place to start when thinking about benefits, because millions of workers found new jobs since the last renewal season (over 4 million Americans quit their jobs every month between January-July of 2022). Unfortunately the Great Resignation is still going on - with one of every five employees throughout the world planning on leaving their jobs for another this year.

Because of this, most of your employees are probably new to your company, so you can’t anticipate their benefits requirements for the new year. Another thing to consider is that 43% of workers who quit their jobs in 2021 said poor benefits were the reason for their leave. This year has shown that employees want to stay in jobs where they are supported and valued, so it’s essential to build your benefits based on your staff’s unique needs and listen to their opinions when it comes to their benefits.

With the rise of housing costs and general inflation, it’s harder for employees to afford their healthcare than ever before. Many employees may be having trouble affording costs out-of-pocket, and the premiums they agreed upon in their last open enrollment are probably too expensive now for their budget with inflation rising so rapidly.

One positive in all of this is that the pandemic was a catalyst for benefits innovation, so now more than ever employers have a myriad of options to choose from when it comes to benefits, and asking your employees what they need is the first step in retaining top-talent. For more information on updating your benefits package, contact Eric Allen Kauk, Esq., LL.M. of Future Firm Law at (813)-851-0829 or via email at [email protected] for guidance.

Employers Need a Toolkit for Employee’s Mental Health, and Advisers can Help

There is a mental health crisis happening in the United States, and providing benefits to all employees is a great step in helping to support workers through this difficult time. With a shortage of mental health providers in America, and many not contracting with insurance carriers, it’s important for employers to know what they can do in order to provide adequate mental health support to their staff.

Consulting with an adviser on benefits options is a good place to start. Advisers identify which resources are available and which are needed, and they can also identify any duplicates throughout an organization’s benefits offerings. Advisers look at benefits policies to figure out how mental health services are being accessed, and where members can go to get care. They can then communicate that information to employees, laying out educational materials as well as informative videos so that employees know where they can go for help.

When dealing with mental health issues, confidentiality should be of primary importance so that employees know they can seek help in private. When employees know that asking for help won’t threaten their career, they are much more likely to use wellness workplace programs and reach out for the help they need. It’s necessary for managers, supervisors and employers to be adequately trained on recognizing anxiety, depression, stress, isolation and substance abuse, because oftentimes employees have trouble asking for support. Proactive approaches can actually prevent tragedies like su***de from occurring, and recognizing someone needs care is the first step in being supportive.

Advisers are a great guide when it comes to providing help such as resources and tools for employers to provide to their staff. For more information on mental health benefits and what you can do to support your employees during this trying time, contact Eric Allen Kauk, Esq., LL.M. of Future Firm Law at (813)-851-0829 or via email at [email protected] for guidance.

A Benefit Option to Recruit Seasonal Staff

If you need to hire seasonal workers, you may want to consider paying on-demand. It can be challenging to find people who are willing to work during the holidays, but providing an incentive like on-demand pay is a great way to stand out against competition in the competitive job market.

DailyPay, an on-demand pay provider recently launched a function called “shifts worked”, which breaks down the amount an employee earns per shift, as well as the amount available for them to take out before payday. The new feature is a part of the “pay balance” function, a popular feature that disclosed what the employee made in their most recent pay cycle. This allows employees to figure out details regarding their pay immediately, such as getting paid overtime or how much they made a certain day in order to budget their finances.

The benefit workers receive from on-demand pay is plentiful. With 57% of hourly workers using DailyPay checking their earned wages at least five times a week, and 56% saying they were motivated to pick up more shifts and work more hours with the feature, on-demand pay benefits employees and employers alike. This is a strong recruiting tool for seasonal workers, allowing them to figure out which shifts they want to take, and giving them access to funds during the holiday season they would normally have to wait for.

The need for seasonal workers on the job platform Indeed increased 33% this year from last, making finding talented seasonal employees more competitive than ever. Providing the new “shifts worked” function also allows employees to catch any payroll errors before payroll hits, ensuring that hourly workers feel secure in their seasonal positions, and mitigating the accidental late payment due to error.

For more information on providing on-demand pay benefits to your staff, contact Eric Allen Kauk, Esq., LL.M. of Future Firm Law at (813)-851-0829 or via email at [email protected] for guidance.

What Employers Should Consider During Open Enrollment

Building strong relationships between employers and employees is an important part of empowering employees to utilize their benefits package to its full potential. Employers need to have confidence in their benefits renewal decisions, taking the time to feel confident during renewal. Timelines for carrier renewal can be slim, so as an employer it’s important to make sure you have enough time to properly assess your benefits renewal options before open enrollment.

Employers should weigh all of their options during open enrollment, and avoid only looking at carriers with similar plans. With more options, employers will be able to find the best option for their company and feel they are making the right decision after viewing all other options. As an employer, thinking about out-of-the-box options and ideas could potentially benefit your company, so be sure to consider different options before making a final decision. Discussing open enrollment with an adviser is a great place to start.

Working with an adviser will bring you expertise as an employer you won’t be able to get anywhere else. Advisers have specific knowledge pertaining to benefits and open enrollment, so building a relationship with a knowledgeable adviser will help you figure out your best options and choose what is most valuable for your employees.

Confidence during open enrollment comes through education and spending enough time looking at options before making a definitive choice. Make sure you are giving yourself adequate time so that you’re not rushing your decision last minute.

For more information on open enrollment and choosing the best benefits plans for your employees, contact Eric Allen Kauk, Esq., LL.M. of Future Firm Law at (813)-851-0829 or via email at [email protected] for guidance.

Budgeting Benefits in an Unstable Economic Climate

With more and more employees seeking support and stability in our unpredictable economy, providing enticing benefits while staying within budget can be tricky. Employee loyalty is more important than ever with companies fighting to keep each and every hire, and ensuring your employees maintain a solid benefits package is essential in securing long standing workers.

Companies should find other ways to cut costs besides taking from employee’s benefits if they want to attract and retain top talent in our unstable economy. However, getting savvy about allocating benefits money could help cut costs while maintaining the same benefits for workers. Being educated and communicating with advisers and vendors is the first step in cutting costs while still maintaining the same or better services.

Typically, employers grossly overestimate the costs of benefits when trying to budget. For example, when thinking about adding a disability benefit to the picture, employers generally guess that it will cost about $2,000 per employee, when in reality it may only cost $200 to $300 per worker. Because of this, it’s important for employers to be thoroughly educated on the costs of benefits options, and going to an adviser is a great place to start.

Despite a risky economic climate, employers are prioritizing specific benefits to hang on to talented staff, such as healthcare and financial wellness benefits. Even with 65% of companies anticipating a recession within the next six months, less than half of employers have stopped or reduced hiring (42%) while 55% of employers determined that they would not reduce employee’s salaries if a recession were to happen, and almost half (47%) said they would not reduce employee’s benefits.

For more information on benefits budgeting and supporting your employees, contact Eric Allen Kauk, Esq., LL.M. of Future Firm Law at (813)-851-0829 or via email at [email protected] for guidance.

Top Companies Providing Adoption Benefits

Benefits regarding family planning have taken companies by storm, and many businesses are realizing that providing family benefits options for all employees is essential in supporting the workforce. This means supporting employees with adoption services, and The Dave Thomas Foundation for Adoption, a nonprofit organization specializing in adoption services, came out with a list of the 16 Best Adoption-Friendly Workplaces. Here’s what they have to say.

“All kinds of adoption should be eligible for benefits - whether it’s international adoption or domestic adoption,” states the CEO of the foundation, Rita Soronen. The nonprofit surveyed companies representing 22 different industries throughout the United States, and scored each company based on this criteria: paid leave (45%), financial reimbursement (45%), and the overall percentage of workers who were eligible for the benefits (10%). The Dave Thomas Foundation for Adoption is passionate about providing financial benefits for adoption, as well as paid leave for parents who decide to adopt regardless of the adopted child’s age in order for the family to bond.

The nonprofit found that on average, the companies surveyed offered financial reimbursement of $12,000, which is a 9.5% increase from 2021. Similarly, the paid leave average increased 8% from 2021 to 8.3 weeks currently. The company who made the top of the list, Ferring Pharmaceuticals, gives employees unlimited financial reimbursement as well as 26 weeks of paid leave for adoption costs and family bonding time for parents.

The top companies that made the list are as follows: Ferring Pharmaceuticals, NVIDIA, American Express, S&P Global, Dropbox, Bloomberg, Service Titan, Snapchat, PwC, and Ally Financial. For more information on offering adoption benefits to your employees, contact Eric Allen Kauk, Esq., LL.M. of Future Firm Law at (813)-851-0829 or via email at [email protected] for guidance.

Data Says Financial Benefits should be a Priority

There are many ways employers can go above and beyond to attract the best talent without having to spend an arm and a leg. Although raising employee’s salaries is a great incentive, there’s usually a definitive limit to the amount of money employees can make in order to stay within budget for a company. Alternatively, employers can offer financial wellbeing opportunities for their employees that still help them manage their finances and save more.

Eight out of ten employees are motivated to stay within a company or enter a new company if they have a good benefits package. As an employer, renewing your offerings is an important part in staying competitive in the current job market. Similarly, 75% of workers are more likely to remain within a company if they have a solid benefits program. Because of this, providing optimum health benefits should be at the top of employer’s to-do lists when it comes to retaining and attracting talent.

In order to offer a competitive and outstanding benefits package, it needs to appeal to a variety of employees at different life stages, as well as paygrade and seniority. Consider your employee’s priorities - whether that’s childcare, transportation, or social gatherings, and make sure that you are catering to the majority. With cost-of-living going up, employers should be on the lookout for ways they can support their employees in their day-to-day lives. In fact, 88% of employees say they are interested in employer provided financial well-being programs. Financial well-being benefits are an attractive option to all employees no matter their age or lifestyle.

With 50% of employers stating they’re worried about their financial situation and 86% saying that worrying about money impacts their work performance, employers should put financial well-being benefits at the forefront of their benefits packages. To learn more about how to support your employees with financial wellness benefits, contact Eric Allen Kauk, Esq., LL.M. of Future Firm Law at (813)-851-0829 or via email at [email protected] for guidance.

Requesting Transcripts from The IRS Will Not Increase Your Risk of Being Audited:

Lisa M. Piehl, a member of the Internal Revenue Service (“IRS”) Small Business/Self-Employed Division, stated on October 14 that tax professionals should not fear getting audited when they request a transcript of an estate or gift tax return. Piehl said her job is simply to make sure the IRS’ processes and procedures are transparent and working. However, she said she is concerned that tax professionals might try to get out of contacting the IRS when they must to avoid potentially triggering an exam.

The statement was a response to concerns from taxpayers that requesting a transcript or status update might prompt the IRS to review that return faster. This concern increased when the return was close to exceeding the statute of limitations. However, that is not the case. Requesting a transcript does not affect examination selection.

For questions about transcript requests or status updates from the IRS, c contact Eric Allen Kauk, Esq., LL.M. of Future Firm Law at (813)-851-0829 or via email at [email protected] for guidance.

The IRS Warns Employers to Beware of 3rd Party Tax Credit Fraud:

Yesterday, October 19, 2022, the Internal Revenue Service (“IRS”) warned employers to be wary of fraudulent third-party assistance. Some third parties are advising employers to claim the Employee Retention Credit (“ERC”) when in all actuality they do not qualify for it.

The reason third parties are encouraging employers to claim the ERC is that the third-party benefits from it. Sometimes they charge large upfront fees to assist with claiming the credit. Other times they charge a fee contingent on the amount of the refund. Additionally, they do not always inform the employer that wage deductions claimed on the business's tax return must be reduced by the credit. This can leave taxpayers with a big financial burden, because of the cost associated with using third parties to claim the ERC, and with misrepresented information on their tax returns.

The IRS always holds taxpayers individually responsible for the information on their tax returns. That is why the IRS is urging employers to be cautious of advertisements or solicitations promising tax savings that sound too good to be true. Taxpayers that fall victim to the scheme of third parties might have to repay the credit, penalties, and interest associated with the misrepresentation on their tax returns.

For more information on the ERC, or to make sure you qualify for it if you plan to claim it, contact Eric Allen Kauk, Esq., LL.M. of Future Firm Law at (813)-851-0829 or via email at [email protected] for guidance.

The Treasury Will Release Guidance Clarifying the AMT Aggregation Rules:

The new corporate alternative minimum tax has been causing uncertainty for partnerships. The Treasury is intending to clarify the issue soon.

When determining if a corporation is subject to the new alternative minimum tax, the aggregation rules for controlled partnerships and other entities might not always apply. According to the Treasury tax legislative counsel, explaining how the rules operate is crucial because they dictate whether the corporations are subject to the new tax. For the corporate alternative minimum test, a corporation's adjusted financial statement income is aggregated with that of all persons treated as a single employer. It is still uncertain when the guidance will be released by the Treasury, but at least it is now certain that it will be released.

For more information about the new corporate alternative minimum tax and when the Treasury will release the guidance, contact Eric Allen Kauk, Esq., LL.M. of Future Firm Law at (813)-851-0829 or via email at [email protected] for guidance.

Permitting Your Employees to Work from Home Can Help Keep Your Employees Happy:

By January 2023, fifty-four percent of employees are expected to work from the office on any weekday, according to Partnership for New York City. This statistic may include hybrid workers who might be in the office three to four times a week, but it still points towards a decline in the frequency of employers providing remote work.

However, even if fully remote jobs become less common it may be wise to keep work-from-home options available. In a recent survey by Owl Labs, they found that remote work options led to big benefits for both employers and employees. Employees who work from home save a lot of money by not having to spend money on their commute and lunch and nearly sixty percent of employees agree that remote work leads to improved work-life balance. Additionally, fifty percent of the workers surveyed also stated they felt they were more creative, focused, and better at meeting deadlines while working from home. Employers can also benefit from this by decreasing their office space and allowing desk sharing or by providing a smaller coworking space for employees who want to come into the office instead of working from home.

For more information on the benefits of employers working from home or how your company can implement work-from-home benefits, contact Eric Allen Kauk, Esq., LL.M. of Future Firm Law at (813)-851-0829 or via email at [email protected] for guidance.

The IRS Trying to Promote Awareness of Cybercrime and Fraudulent Charities Again:

On October 17, the Internal Revenue Service (“IRS”) announced it will join international efforts to fight fraud. This announcement came because of the beginning of Charity Fraud Awareness Week, which lasts from October 17 to October 21.

In the announcement, the IRS stated that according to estimates charitable organizations lose five percent of their revenue each year to fraud. Experts also say cybercrime is on the rise, and attacks on charities, their supporters, and beneficiaries are also on the rise. Additionally, natural disasters such as Hurricane Ian provide an opportunity for scammers to take advantage of the goodness of people’s hearts and pocket the money instead. The IRS is urging donors to verify a charity’s tax-exempt status before donating anything, which can be done by visiting IRS.gov/TEOS. Individuals can also use the Tax-Exempt Organization Search tool on the IRS website to ensure the legitimacy of charities.

For more information on how to protect yourself or your charity from fraud, contact Eric Allen Kauk, Esq., LL.M. of Future Firm Law at (813)-851-0829 or via email at [email protected] for guidance.

Americans Will See Lower Premiums and More Affordable Coverage This Open Enrollment Season:

In final regulations issued on October 11, the Internal Revenue Service (“IRS”) and Treasury announced that employees and their families will have more access to Affordable Care Act (“ACA”) premium tax credits under new regulations. According to President Biden, this is the most significant administrative action to implement the ACA since the law was enacted.

The new regulations fix an issue that was known as the “family glitch.” The regulations determine the affordability of an employer-provided healthcare plan based on the cost of coverage for an employee’s entire family instead of the cost of coverage for the employee. This change follows Congress’s purpose in the ACA to expand access to affordable healthcare coverage. House Speaker Nancy Pelosi stated that because of the change, close to a million Americans will see lower premiums or gain affordable coverage when open enrollment begins.

For more information on affordable healthcare for employers, contact Eric Allen Kauk, Esq., LL.M. of Future Firm Law at (813)-851-0829 or via email at [email protected] for guidance.

S Corps No Longer Need Private Letter Rulings in Certain Situations

The Internal Revenue Service (“IRS”) has issued guidance to assist S corporations with resolving frequently encountered issues. With this guidance, S corporations will no longer need to request private letter rulings in certain situations. The purpose of the guidance is to aid S corporations in reducing burdens and costs and facilitating increased compliance.

There are six areas where issues are resolvable without letter rulings. The first is when the one class of stock requirement and governing provisions arise. The second is for disproportionate distributions. The third is when there are inadvertent errors or omissions on Form 2553 or Form 8869. Fourth, when the administrative acceptance letters for an S election or QSub election are missing. Fifth, when income tax return filings are inconsistent with an S or QSub election. Last, when there are potential retroactive corrections of nonidentical governing provisions. For these issues, S corporations can now look at the guidance the IRS issued instead of requesting a private letter ruling.

For more information on how to use the guidance the IRS issued to avoid the need for a private letter ruling, contact Eric Allen Kauk, Esq., LL.M. of Future Firm Law at (813)-851-0829 or via email at [email protected] for guidance.