How to Account for Loss when Disaster Strikes: Part 1

How to Account for Loss when Disaster Strikes: Part 1

With the most recent natural disasters happening around the world, worrying about how you can prepare and protect your business may be weighing heavily on your mind. You can find out what accounting steps to take in the event a disaster with information shared from CPAPracticeAdvisor.com. When a flood, fire, hurricane or other disaster strikes your business, you may suffer heavy property damage along with lost sales during the time you’re forced to close. Having a good understanding of the accounting rules related to natural disasters can help you fully account for your losses, reduce the economic harm to your business, and obtain financial relief through insurance, tax deductions and other sources. Accounting for Inventory Losses Conduct a manual count of your inventory as soon it is practical to do so. Even if items are obviously a total loss, it’s a good practice to document the specific losses due to the disaster versus what you might have lost due to shrinkage or some other means before the disaster. This may also help with the insurance claims process. You will need to update your balance sheet to reflect the current value of your remaining inventory. You can generally include inventory losses as an expense when you prepare your financial statements and file your tax return. However, you will need to adjust for any insurance reimbursements — you cannot both claim a loss expense and exclude the insurance claim from your income. Accounting for Property Damage Damage to other assets, such as buildings or machinery, is handled in a similar manner to inventory. If the damage is so substantial that it...
New Poster – New E-Verify Poster Published

New Poster – New E-Verify Poster Published

Do you use the E-Verity program in your workplace? If you do, then you need to update the mandatory poster in your workplace. Recently, the federal E-Verify Participation poster has been changed by the U.S. Citizenship and Immigration Services agency (USCIS). The following information has been shared by ePlace Solutions, Inc. Who must post the E-Verify Participation poster? The following employers are required to post the E-Verify Participation poster: All federal contractors All employers in states that require the use of the federal E-Verify program All employers that voluntarily participate in the federal E-Verify program. Where should it be posted? In a conspicuous location in the workplace. What changed? There were several changes made to the E-Verify Participation poster: The poster layout was redesigned The language was revised to make information more clear and understandable. The English and Spanish versions are combined on one post How do I get the poster? The USCIS has only a sample poster available on its website. Employers can only download the official E-Verify Participation poster by logging into the E-Verify program. Recommendations? All affected employers should update the E-Verify Participation poster immediately. As sample poster is available here. This article was written by Laurian Rutterbush on the ePlace Solutions, Inc....
Four Tips for School-Related Leave for Working Parents

Four Tips for School-Related Leave for Working Parents

School’s back in session! If you have employees’ requesting time-off to attend school-related activities, there are some tips you need to know regarding your state’s employment laws and school-related leave. With information sent to us from HR Pilot, you can learn how to best manage your employees leaving work to go to school-related events for their children. There are multiple states that have passed school-related leave laws which protect parent workers and allow them to take time off for their children’s school activities. States providing school-related leave: California: 40 hours Colorado: 18 hours District of Columbia: 24 hours Illinois: 8 hours Louisiana: 16 hours Massachusetts: 24 hours Minnesota: 16 hours North Carolina: 4 hours Rhode Island: 10 hours Vermont: 12 hours (Nevada: Employers must not terminate an employee for using leave to attend a child’s school-related activities.) Even if a state/ locality does not require school-related leave, all employers should consider the following best practices from the EEOC when managing employees with school-aged children: 1. Educate all managers about the company’s work-life policies and ensure they are supportive of employees who take advantage of available programs 2. Consider allowing employee to work flexible work schedules that allow them to balance work and parental responsibilities 3. Contemplate providing reasonable personal or sick leave to allow employees to attend school-related activities 4. Do not retaliate against employee who take advantage of available programs If you have questions regarding this or any other employment laws, contact your HR representative today. If you don’t currently work with an HR company, feel free to reach out to us for referrals to someone who can...
Veterans Opportunity to Work

Veterans Opportunity to Work

Did you know that when you hire and train a service-disabled Veteran, you may qualify for tax credits and incentives? Shared by the U.S. Department of Veterans Affairs website, the article’s content regarding the Special Employer Incentives (SEI) program will help you learn how the SEI could be beneficial to you if you are interested in hiring a Veteran for your business. Special Employer Incentives for Hiring Veterans The Special Employer Incentives (SEI) program provides assistance to employers who hire Veterans. The SEI program connects qualified Veterans with a specific role at your organization. Veterans who successfully complete the hiring program are expected to stay on at your organization. With this program, you can hire a qualified trainee at an apprenticeship wage. Employers are reimbursed for up to half the Veteran’s salary to cover certain supplies and equipment, additional instruction expenses, and any loss of production. (Read more in the Special Employer Incentive Fact Sheet.) Veterans Economic Communities Initiative The Veterans Economic Communities Initiative increases the number of education and employment opportunities for Veterans and their families through a network of support at the community level. Economic liaisons in certain communities work with government leaders, businesses, education institutions, and nonprofit organizations to help build an integrated network of support and resources for Veterans and their families. Read more about this initiative and find out where the economic liaisons are located and how to contact them. Get Involved Identify specific tasks that will be accomplished by the new employee. Indicate the length of time it should take the employee to accomplish each task. Specify the wage the employee will be...
New Form I-9 Released, Again

New Form I-9 Released, Again

A new revised I-9 form has been published by the U.S. Citizenship and Immigration Services (USCIS). The form has been updated twice in less than one year and has a revision date of 07/17/17 N. Shared by CalChamber.com, Gail Cecchettini Whaley has brought this information to our attention in her recent article on what specific revisions have been made. By September 18, 2017, employers must use only this new version (rev. 0/7/17/17 N). Until then, employers can continue using Form I-9 with a revision date of 11/14/16 N or use this new version. The Instructions for Form I-9 and the Form I-9 Supplement have also been updated. One change relates to the timing of when the Form I-9 must be completed. Previously, the form and instructions stated that the employee must complete Section 1 “by the end of the first day of employment.” Now, the USCIS has removed “the end” from the phrase, and the employee must complete Section 1 “by the first day of employment.” According to the revised Handbook for Employers: Guidance for Completing Form I-9, the employee must complete Section 1 “at the time of hire (by the first day of their employment for pay).” Remember, employers cannot ask an individual to complete Section 1 before he/she has accepted a job offer. According to the USCIS, revisions also include: A change to the name of the Office of Special Counsel for Immigration-Related Unfair Employment Practices to its new name, Immigrant and Employee Rights Section. Revisions related to the list of acceptable documents on Form I-9: Added the Consular Report of Birth Abroad (Form FS-240) to List...
Pregnancy Discrimination Results in $100,000 Fine

Pregnancy Discrimination Results in $100,000 Fine

Are you aware that pregnancy discrimination from potential job employers is a valid discrimination claim? Women who are looking to be employed can not be turned down for a position solely for the reason that they are pregnant. A recent example was released on the U.S. Equal Employment Opportunity Commission website where the EEOC took action against a company who rescinded a job offer after they learned of the applicant’s pregnancy. Daytona Beach-based insurance brokerage firm Brown & Brown will pay $100,000 and furnish significant relief to resolve a pregnancy discrimination lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC), the federal agency announced in May. According to the EEOC’s suit, Brown & Brown made a written job offer to the applicant and also sent her an employment agreement for a “personal lines technical assistant” position at its Daytona Beach location and proposed employment start dates. Upon receipt of the offer letter, the applicant affirmed her interest by email and sought to ask a few questions regarding the offer. About two hours later, the applicant spoke with the department leader’s assistant and inquired about maternity benefits because she was pregnant. The assistant immediately advised the department leader of the applicant’s pregnancy and, minutes later, according to the suit, the applicant received an email from the company rescinding the job offer, stating that it “had a very urgent need to have somebody in the position long term …We appreciate you telling us beforehand.” Pregnancy discrimination violates Title VII of the Civil Rights Act of 1964, as amended by the Pregnancy Discrimination Act. EEOC filed suit in U.S. District Court...

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