Preventing Turnover Post-pandemic

The wake of COVID-19 leaves in its path a tattered and disheveled global supply chain in nearly every industry sector imaginable.  Everything from high end computer processors to basic building supplies like lumber to commodities as fundamental as toilet paper have been impacted.  As the vaccinated slowly begin to emerge and life resumes, a new supply chain shortage emerges – that of human capital. 

The need for a capable and willing workforce is evident in every corner of commerce. One impactful way for an employer to address this need is to retain the employees they already have.  To this end, I share with you the following HR Insights article published by Zywave on Preventing Turnover Post-pandemic. 

A pdf of the article can be downloaded by clicking here. 

Preventing Turnover Post-pandemic

The COVID-19 pandemic is finally getting under control. As more Americans get vaccinated, states are gradually lifting restrictions, and life is returning to pre-pandemic normalcy. Finally, individuals can get to the tasks they’ve been postponing for more than a year. Unfortunately for employers looking to retain employees, some employees are now ready to find new jobs.

Current Job Market Outlook

Turnover is a common occurrence throughout any given year. However, during the COVID-19 pandemic, year-over-year turnover trends drastically reduced. Workers instead clung to their jobs as a way to maintain financial security, having seen countless others get furloughed or laid off.

Now, as the economy opens back up, employers are pushing for employees to return to the workplace. But, a significant number of employees are unwilling to return to the status quo that was established pre-pandemic.

Instead, they are taking stock of their current positions and contemplating what they truly want out of their jobs. For some, the most direct path toward their goals is to find a new employer.

That’s why experts are predicting a “turnover tsunami” coming in the latter half of 2021; all the turnover that would typically take place in a given year is expected to come virtually all at once.

What Employees Want Post-pandemic

Each organization is unique, and its employees may have varying opinions about what’s most important to them. However, workplace survey data from the past year illuminates some commonalities between worker desires across industries. The following are some of the most coveted changes workers are looking for post-pandemic.

Remote or Hybrid Work Models

Many employees were forced to work from home at the start of the pandemic. As businesses reopen, employees are reluctant to return now that they’ve tasted greater flexibility and autonomy.

In fact, 47% of employees said they would leave their current jobs if their employers forced them back into the workplace, according to an Envoy survey. Additionally, 41% of employees said they would take a job with a slight salary cut if it meant having a hybrid work model (working some days in the office, others from home).

Given this and other data from countless surveys conducted in the past year, it’s apparent that employees want at least some remote work opportunities. And they are willing to leave their current employers to get it.

While remote or hybrid work is perhaps the most desired workplace perk at the moment, it’s not all that employees want.

Protection From Burnout

The COVID-19 pandemic has left many employees feeling burned out and overworked. According to an Indeed survey, 52% of employees are experiencing burnout, and 67% say burnout has increased during the pandemic.

Worse yet, now that businesses are reopening in full force, employee workloads are likely to increase rather than reduce. This increase is spurring employees to lobby for greater mental health benefits, time off and other resources for reducing stress levels.

Greater Compensation

Compensation has been an employee motivator well before the COVID-19 pandemic, but it’s particularly salient now. Across the country, the most recent example of this has been among fast food and retail workers. These segments have been working throughout the pandemic amid strict constraints, reduced staffing and elevated dangers.

Now, many industry workers are demanding better pay and benefits as compensation for their continued efforts—even walking out or quitting when their efforts are disregarded. In fact, 35% of surveyed employees said they would leave their current jobs for better compensation and benefits, according to an Achievers Workforce Institute report.

Turnover Prevention Considerations for Employers

At this point, it’s clear that a significant number of employees are feeling restless in their current roles. According to that same Achievers Workforce Institute report, only 21% of employees feel very engaged at work. Additionally, nearly half of respondents (46%) said they feel less connected to their workplace now than at the start of the COVID-19 pandemic.

To combat these trends and avert a “turnover tsunami,” employers will need to look inward toward their unique employee populations. This inquiry may include directly asking employees about their current mindsets (i.e., whether they’re considering quitting) and what concessions would make them stay with the organization.

Generally, employers can also consider implementing some of the changes employees are looking for, such as:

  • Providing remote or hybrid working arrangements
  • Expanding employee assistance programs to help with mental health and burnout
  • Increasing compensation or bonuses
  • Having managers meet more frequently with employees about engagement levels and ways to improve them

While these methods may be sufficient for the majority of workplaces, they are not silver bullets. Even higher compensation may not be enough to prevent turnover if other problems exist. That’s why employers should consider surveying employees about their individual opinions. Doing so can help identify unforeseen opportunities and potentially give employers ideas for improving retention without breaking the bank.

Reach out to Libertate Insurance Services, LLC for additional retention strategies.

This HR Insights is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice. © 2021 Zywave, Inc. All rights reserved.

Interesting Tidbits for Your Week!

Expecting the Unexpected for Your Small Business. Common insurance types for small businesses.

For better or worse is generally a term related to marriage vows, but in business its just as important! Luckily for business owners there are ways to mitigate the risks associated with the “worse.” Pie Insurance recently released an article covering the types of common insurance for small businesses as well as some not so common options like a business owner’s policy (BOP); I thought it was worth sharing.

A Business Owner’s policy can include professional liability insurance (errors and omissions insurance), a commercial umbrella policy, employment practices liability insurance, directors and offices liability insurance and terrorism insurance. You can check out the full article here. The key to insurance is never needing it, but having it in place when you do. It can make the difference in saving your company when the unexpected happens. Contact us at Libertate Insurance, we can help.

1st Qtr 2021 Small Business Data

NAPEO issued small business snapshot data on Q1 of 2021. Check out the full review here.

High points from the data include:

Percentage change of Daily Small Business Revenue from January 2020 to January 2021 showing 50% decrease in revenues at April 1, 2020 with slowing increase about 31% overall increase at January 1, 2021. Small businesses are slowly pulling back.

Job losses in the United States are reported at 9.6 million; with the expected hardest hit industry of Leisure and Hospitality accounting for nearly 40% of all loss reported.

On a state by state analysis the numbers are showing more increase than decrease with the average unemployment rate reporting at 5.6% at the close of February 2021. (US Bureau of Labor Statistics). Overall jobless rates are down in 23 states as of March and higher in only 4.

US Small Business Administration (SBA) Updates

If your business previously received the Economic Injury Disaster Loan (EIDL) Advance from the SBA for less than $10,000, the SBA is allowing applicants to re-apply to receive the full amount of the advance up to $10,000.

If your business was also a recipient of the EIDL these loans were previously limited to six months of economic injury up to a maximum of $150,000; the SBA has announced a change that will allow loan limits up to 24 months of economic injury with a maximum loan amount of $500,000. Be advised and proceed with caution, as the SBA takes security interest in the business assets for loan amounts over $25,000.

The SBA is also sending out emails to the EIDL loan recipients extending the first payment due on the EIDL loans to 2022 for loans issued in 2020. The first payment due date is extended 24 months from the date on the note. They have indicated that 2021 loans will have initial payments due 18 months from the note date. Interest continues to accrue during the deferment period.

Follow these instructions if you wish to request a loan increase:

  • Send email to CovidEIDLIncreaseRequests@sba.gov
  • Use subject line “EIDL Increase Request for [insert your 10-digit application number]”
  • Be sure to include in the body of your email identifying information for your current loan including application number, loan number, business name, business address, business owner name(s), and phone number.

Important: Do not include any financial documents or tax records with your initial request. You will receive a follow up email notification if we need additional documents.

You can check out all of the updates for offerings available from the SBA here.

History of Workers’ Compensation

AND last but not least, for those insurance nerds, another very interesting release from Pie Insurance is a history of workers’ compensation insurance. Covering where the laws stand today, where it started and how it has changed the benefits to workers in the United States. Interesting and educational read, check it out here.

Be sure to check out our continual updates here, on PEO Compass, regarding Florida’s House Bill 1305 and its impact on workers’ compensation and the PEO industry.

Ransom seeking hackers taking advantage of server flaws

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Content was taken from Reuters, Mr. Raphael Satter click here for original article from The Insurance Journal’s Mr. Jeff Mason click here for original article.

Since Microsoft announced a series of vulnerabilities in it’s widely used mail server software on March 2, 2021 the biggest threat has been from hacker groups holding users hostage by preventing access to their data unless large sums of money are paid. One security firm had counted 10 separate hacking groups taking advantage of the flaws – with ransomware targeting being the most serious of the threats.

On Sunday, The White House urged computer network operators to “take further steps to gauge whether their systems were targeted?” Despite a recent software patch concerns over remaining vulnerabilities continued to loom. The remedy still leaves open a so-called back door that can allow access to compromised servers and perpetuating further attacks by others. The back channels for remote access can impact credit unions, town governments and small business, and have left U.S. officials scrambling to reach victims, with the FBI on Sunday urging them to contact the law enforcement agency.

CNN reported that the Biden administration was forming a task force to address the hack. The White House official, in a statement, said the administration was making “a whole of government response.” A Microsoft representative said that the company is working with the government and others to help guide them accordingly. Secondly, Microsoft has urged the impacted to install patch updates as soon as possible.

Neither the company nor the White House has specified the scale of the hack. Microsoft initially said it was limited, but the White House last week expressed concern about the potential for “a large number of victims.” So far, only a small percentage of infected networks have been compromised through the back door, the source previously told Reuters, but more attacks are expected. We will continue to monitor the situation as it develops.

COVID-19 Relief Bill

Our friends at NAPEO are always keeping us up to date with pertinent information impacting PEOs and Small Businesses. They released the following yesterday related to the COVID-19 Relief Bill.

COVID-19 Relief Bill: What It Means for PEOs & Small Business

Yesterday, the House passed an omnibus spending bill that included $1.4 trillion to fund the federal government and $900 billion of additional COVID relief by a vote of 399-53. The Senate then passed the legislation by a vote of 92-6. The bill now heads to the White House, where President Trump is expected to sign it.

Tax Provisions

The omnibus spending bill – which is almost 5,600 pages long – contained many tax provisions that impact PEOs. Randy Hardock and Courtney Zinter of Davis & Harman (NAPEO’s outside tax counsel) have prepared a document containing the details of these provisions and how they apply to PEOs.

Specific tax provisions of interest to PEOs include:

  • Paid Sick and Family Leave Credits
    • Extends the paid sick and family leave credits against employment taxes from the Families First Coronavirus Response Act (FFCRA) for three additional months to March 31, 2021.
    • The bill does not extend the FFCRA’s mandate to provide paid sick leave or paid family and medical leave beyond December 31, 2020.
  • Changes to the Employee Retention Tax Credit (ERTC)
    • Repeals the provision denying the ERTC to employers receiving a PPP loan. Instead, mechanisms would be created to prevent the same wages from being used for both PPP loan forgiveness and the ERTC.
    • Extends the ERTC to apply to wages paid before July 1, 2021 (instead of January 1, 2021).
    • Increases the credit percentage from 50 percent to 70 percent of applicable wages.
    • Increases the per-employee limitation on applicable wages from $10,000 total to $10,000 per calendar quarter. In combination with the increased credit percentage, this would increase the maximum credit per employee from $5,000 to $7,000 per quarter (up to $14,000 for the first two quarters in 2021).
    • The following language was added to the ERTC provisions that specifically addresses PEOs: Any forms, instructions, regulations, or guidance described in paragraph (2) shall require the customer to be responsible for the accounting of the credit and for any liability for improperly claimed credits and shall require the certified professional employer organization or other third-party payor to accurately report such tax credits based on the information provided by the customer. [Emphasis added.]
      It is not clear whether this provision applies retroactively or just to new credits taken in 2021.
    • Makes the ERTC available if the business experienced a decline of at least 20 percent in gross receipts (instead of a 50 percent decline) as compared to the same calendar quarter in the prior year.
    • Modifies the small employer definition of qualified wages to apply to employers that have 500 or fewer employees (instead of 100 of fewer employees).
  • Creates a temporary employee retention credit of 40 percent of qualified wages up to $6,000 (maximum credit of $2,400 per eligible employee) for eligible employers affected by certain qualified disasters. This credit is retroactive and does not apply to COVID-related disasters.
  • The bill also extends the Work Opportunity Tax Credit for five years.

Paycheck Protection Program and Other Small Business Assistance

In addition to the tax provisions, the COVID-19 relief portion of this legislation contains additional assistance for small businesses, which NAPEO has been lobbying Congress in support of. Specifically, it contains the following provisions designed to assist small businesses:

  • Creates a second loan from the Paycheck Protection Program, called a “PPP second draw” loan for smaller and harder-hit businesses, with a maximum amount of $2 million.
  • Creates a simplified application process for loans under $150,000.
  • Expands the expenses that can be covered by a PPP loan.
  • Makes 501(c)6 organizations that do not lobby eligible for PPP loans.
  • Makes the expenses covered by PPP loans tax deductible.

Details on these provisions can be found on this document provided by the Community Banker’s Association.

Unemployment Insurance

The COVID-19 relief provisions also make the following changes to unemployment insurance:

  • Unemployed individuals get an additional $300 per week from December 26, 2020 to March 14, 2021.
  • Extends and phases out Pandemic Unemployment Assistance (PUA), a temporary federal program covering self-employed and gig workers, to March 14, 2021 and extends benefits from 39 to 50 weeks with all benefits ending April 5, 2021.
  • Extends and phases out Pandemic Emergency Unemployment Compensation (PEUC) which provides additional weeks when state unemployment runs out, to March 14, 2021 (after which no new applications) through April 5, 2021.
  • Extends provisions to March 14, 2021, including interest-free loans to the states.

No federal money was provided to shore up the short falls in state unemployment funds.

Miscellaneous Provisions

The omnibus spending bill contained so-called “tax extenders,” which are temporary provisions in the tax code that are designed to support specific economic activities. There are two provisions of interest to PEOs that have been extended for five years. They are: 

  • The employer credit under section 45S for paid family and medical leave, originally enacted as part of tax reform in 2017.
  • The expanded exclusion for employer-provided educational assistance, including student loan repayment benefits as enacted as part of the CARES Act. NAPEO has lobbied in support of this provision.

For more information visit NAPEO’s COVID-19 Resource Center or contact Thom Stohler.

NAPEO is offering a webinar on this bill and the impacts for PEOs and their clients on January 8th at 2pm EST. Not a Member of NAPEO? Find out how to join here.

Looking for a PEO or have questions on whether or not a PEO is right for you; visit our site at Libertate Insurance and get the questions you have answered.

Q4 2020 Cyber Risks & Liabilities Update

Some important trends that are threatening our businesses and ways to protect yourself.

How to Avoid Electronic Signing Service Scams

Although utilizing an electronic signing service can be a convenient way for your organization to digitally sign and exchange important documents (e.g., contracts, tax documents and legal materials) with stakeholders, doing so also carries significant cybersecurity risks.

Cybercriminals can utilize a variety of scamming techniques to trick electronic signing service users into sharing sensitive information, such as their signature, financial information and other personal data. From there, the criminals can use that information for a range of destructive purposes—including identity theft and other costly forms of fraud. These scams have become an increasingly prevalent threat in the midst of the ongoing COVID-19 pandemic, as many organizations have transitioned to fully remote operations.

In fact, DocuSign—a popular electronic signing service provider—recently released a statement regarding several new phishing scams that cybercriminals have implemented to fool victims into thinking they are using DocuSign’s services. These scams entail the victim receiving a fraudulent email that appears to be from DocuSign, urging them to either click on a malicious link (which then downloads malware on the individual’s device) or provide their personal information (which scammers then access to commit fraud).

Whether your organization uses DocuSign or a different electronic signing service, it’s important to educate yourself and your stakeholders—including employees, investors, customers and suppliers—on how to detect and avoid falling victim to these phishing scams. That being said, consider the following cybersecurity tips:

  • Be wary of responding to emails that claim to be an electronic signature request—especially if you weren’t expecting a request or don’t recognize the name of the individual or organization sending the request. Trusted senders would let you know they are sending a signature request before doing so.
  • Never click on links from electronic signature emails that appear suspicious—especially if the URLs for those links redirect to websites that aren’t secure or recognizable.
  • Review electronic signature emails for generic wording, grammatical errors and misspellings (both in the body of the email and within the sender’s email address). These mistakes are often key indicators of a phishing scam.

Cybersecurity Trends to Prepare for in 2021

This past year saw a wide range of changes and advancements in workplace technology utilization for organizations of varying sectors and sizes. But as digital offerings continue to evolve, so do cybersecurity threats. That’s why it’s crucial to remain up-to-date on the latest technology trends and adjust your cyber risk management strategies accordingly. As your organization starts to prepare for 2021, keep the following emerging cybersecurity concerns in mind:

  • Remote work issues—While remote working is a valuable method for protecting staff from the ongoing COVID-19 pandemic, this practice can also lead to increased cybersecurity vulnerabilities for your organization. After all, many employees may not have the same security capabilities in their work-from-home arrangements as they do in the workplace. As such, make sure your organization provides remote staff with appropriate cybersecurity training and resources, as well as implements effective workplace policies and procedures regarding cybersecurity.   
  • Cloud hijacking concerns—Especially with more employees working from home than ever before, maintaining cloud security is crucial. Cloud breaches have become more common in the past year, as cybercriminals have developed a method for hijacking cloud infrastructures via credential-stealing malware. To avoid this concern, utilize trusted anti-malware software and update this software regularly.   
  • Elevated ransomware threats—Cybercriminals continue to create new and improved ransomware attack methods each year. According to recent research from Cybersecurity Ventures, ransomware attacks are expected to cost organizations more than $20 billion in 2021, with an attack estimated to take place every 11 seconds. To help protect your organization from ransomware attacks, use a virtual private network, place security filters on your email server and educate staff on ransomware prevention.
  • Data privacy expectations—As more and more organizations start storing sensitive information on digital platforms, data privacy is a growing concern. If your organization stores sensitive information digitally, it’s vital to utilize proper security techniques to protect such data (e.g., encryption) and abide by all relevant data privacy regulations.
  • Skills shortages—Despite ongoing advancements in workplace technology, cybersecurity skills shortages have become a major issue for many organizations—with the demand for cybersecurity professionals exceeding the number of individuals that are qualified for such a role. This shortage emphasizes the importance of investing in effective cybersecurity tools across all workplace devices to help minimize your risks. 

With these trends in mind, it’s important now more than ever for your organization to secure adequate cyber insurance. Otherwise, you run the risk of your organization lacking the appropriate coverage and dealing with hefty out-of-pocket costs in the event of a cyber incident.

Smart Device Security Best Practices

As remote work continues to be a popular offering for many organizations, some employees have begun taking advantage of their own smart devices—such as smartphones or tablets—for work-related purposes.

While this practice can certainly help employees expand their remote work capabilities, utilizing smart devices within a work setting can lead to elevated cybersecurity risks. This is because your employees’ smart devices may not be initially equipped with the security measures necessary to defend against cybercriminals, thus increasing the likelihood of a cyberattack taking place.

Don’t let employees’ smart devices lead to a cybersecurity disaster within your organization. Utilize the following guidance to promote smart device security:

  • Establish a Bring Your Own Device (BYOD) policy that includes standards employees must uphold when using their smart devices for work-related purposes.
  • Have employees create complex passwords for their smart devices. Encourage staff to enable multifactor authentication on their devices, if possible.
  • Restrict employees from connecting to public Wi-Fi networks on their smart devices. Be sure to establish a virtual private network for staff to use to ensure a safe, secure connection.

Have employees conduct routine software updates on their smart devices to prevent potential security gaps.

For additional cybersecurity guidance and coverage, contact Libertate Insurance today, we are offering Cybersecurity Programs.

2021 Employee Benefit Trends

Our friends at NAPEO released trends to watch out for as reported by Employee Benefit News; highlights from the full article below.

Increasing Health Insurance Premiums Employers will likely start shopping and looking for more cost manageable healthcare plans as health insurance premiums are trending 54% increases over the past 11 years as reported by the Society for Human Resource Management (SHRM). SHRM also reported, “Employers expect a moderate health plan cost increase next year of 4.4 percent, on average, compared to this year, according to early results…”. The concern here is that this trend of continued increase is outpacing the consumer price index and wage growth.

Telehealth We have seen a large uptick in the push and use of telehealth with the COVID-19 pandemic. 2021 will continue to grow this field of medical care. Telehealth benefits have been able to provide medical coverage for acute, chronic, primary and specialty care.

Personalized Benefits Packages Companies may start offering more non-medical offerings for a more customized employee benefit packages. Packages will start with the basic health insurance and paid time off benefits and expand to include optional add-ons like pet insurance, short-term disability, access to legal services, whole or term life, hospital stay, accident insurance to mention a few.

Mental Health Employers are waking up to the mental health wellness of their employees and how it can be a direct impact o their organizations. Employers are educating themselves on reducing workplace stress. Many benefits package now include behavioral health with both onsite and virtual medical plans.

Not partnered with a PEO? Connect with us and let us know how we can help! Find out more on our website here.

Small Business Snapshot

Our friends at NAPEO released the 2020 4th Quarter Small Business Snapshot, click on the link for more details.

Source: NAPEO; Opportunity Insights Economic Tracker, Small Business Revenue tracker, revised data, updated November 9,2020.

Some of the interesting data reported and tools noted below:

  • Small business reports 31% lower daily revenue than Q1;
  • 74% of small business are reporting large or moderate negative impact related to the pandemic;
  • The Wells Fargo/Gallup Small Business Index through 2020 Q3 is showing the current trend in line with Q3 2008 as well as future expectations; Check out the Wells Fargo website for Small Business Resources to help with your 2021 Business Plan;
  • The Unemployment rate is showing a 3.3% increase from Q3 2019 with Hawaii, Nevada and New York showing the highest.

Not partnered with a PEO? Connect with us and let us know how we can help! Find out more on our website here.

Ready to Call it a Wrap! Almost, Let’s talk Tax.

Wouldn’t if be great if we could put a pretty little bow, color of your choice, on 2020 and send it off into some small part of our memory banks? With the close of this unforgettable year coming, now is the time to focus on getting things in order for your business if you have not done so already. Once the year closes we spring into full action with closing the books and putting our efforts into making our 2021 projections a reality. We have compiled some important things to consider when meeting with your tax professional so that you can ask the right questions to ensure you are taking advantage of as many new benefits as possible.

Social Security deferral The Cares Act provides allowance for employers to defer paying their share of Social Security tax for the remainder of 2020, installment dates are stipulated as 50% by December 31, 2021 and 50% by December 31, 2022. There can be great value in deferring the deduction until stipulated pay dates, however paying early, if the company is able, can increase NOL for 2020 which can further benefit the refund claims as discussed below. A company’s accounting method, cash basis, accrual, etc can also have an impact on the timing of recognition and cash impact.

Disaster loss refunds The COVID-19 disaster declaration designated all 50 states, district and territories of the US as disaster areas. What this means for businesses is that they may be eligible for covered losses directly attributable to COVID-19; inventory loss, workplace closures, etc. As a disaster related loss in 2020 businesses may also be able to amend 2019 tax returns and claim the losses for quicker refunds.

QIP depreciation The CARES Act fixed a previously standing problem with bonus depreciation. Qualified Improvement Property (QIP) depreciation can now be claimed retroactively back to January 1, 2018 on the 2020 tax filing or through amended 2018 and 2019 tax returns to receive the full benefit of the bonus depreciation.

AMT refunds The CARES Act accelerated the timeline for claiming unused AMT credits into 2018 and 2019 for quicker refunds. There are several different ways to go about filing for this refund.

Refund Claims The CARES Act put into play claims for NOL carrybacks for five years against prior taxes. Businesses can use losses from 2018, 2019 and 2020 against past income and apply for a refund. Consider accelerating deductions into 2020 for larger refund claims; it might be time to think about the benefits of accrual accounting. NOL carryback refunds can not be claimed until the 2020 return is filed; it may be best to file early.

If in planning for your tax year end close you determine that a change in accounting method may suit your business’ needs be sure to consider and understand the impact to you 2021 projections. Pulling or pushing revenue between years requires the same treatment of expenses and vice versa.

Some other tips when considering your personal return.

Charitable contributions The CARES Act has put into play the allowance of up to $300 for cash contributions without the need to itemize deductions. The Tax Code generally limits the claim of charitable contributions to those that file itemized deductions on their personal return. As a reminder itemized deductions include mortgage interest, real estate taxes, medical costs in excess of stated rate above AGI. Prior to the CARES Act if you did not itemize deductions you could not claim charitable deductions; for 2020, you can.

Stimulus check impact The CARES Act also issued stimulus checks of up to $1,200 per taxpayer and $500 per qualified dependent children. These were released by the IRS and structured as a 2020 advance of tax credit. The checks were paid out based on 2018 or 2019 returns filed, if the 2020 credit calculation is less than the stimulus check received, there is no penalty however, if the check received was less than the calculated credit this difference can be claimed as an additional refund.

Penalties This word alone makes me nervous, but with all of the financial and cash flow upset experienced this year it would be wise to understand where your withholding is before the close of the year. Review your taxable earnings and tax bracket to ensure that you have paid in enough withholding through the year to penalty proof yourself. You can remit estimated tax payments if your withholding is not sufficient. Did you pick up 1099 jobs to supplement your income from lost hours or wages with your employer? 1099 income would not have had the proper withholding and may put you in a position to where you have not paid enough taxes during the year.

We wish you luck in preparing for your year end tax planning. It is strongly recommended that with all of the changes and benefits made available to businesses this year that you seek out and find well versed and experienced tax professionals to guide you through your tax filings. Working through some of these challenging tax matters may provide a little sigh of relief after a tough year.