Compliance Issues with State Unclaimed Property Laws Can Have a Devastating Impact on Your Business

From the Snell & Wilmer Legal Alerts:

Did you know that compliance issues with unclaimed property laws can create more than just potential exposure with the state taxing authorities? Failure to comply can also create regulatory problems that could dwarf the state liability exposure. Unclaimed propertyJason Knight laws are intended to prevent a business from realizing a windfall if the business holds the property of another party. States have specific rules about how this property must be handled, reported, and transferred to the states. If these rules are not followed completely, the consequences can be significant and, for publicly traded companies, may lead to a Securities & Exchange Commission investigation or other collateral consequences.

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IRS Employment Tax Audits

The IRS will launch a slew of random employment tax audits in November. About 6000 exams will be done over three years. The agency will tell agents to watch out for firms violating rules for Jason Knight in studio at The John Adam Showemployee fringe benefits and executive pay, as well as those that classify workers as contractors when they are really employees.
The Kiplinger Letter Vol 86 No 24 June 12, 2009            
For help in reducing your liability and properly administrating your payroll taxes, consult a professional.

Details Emerge on Healthcare Bills

Republished with permission from NAPEO.

The Senate is considering restrictions on the income tax exclusion for employer-provided health insurance benefits as a means to raise revenues to pay for healthcare reform.  The Joint Committee on Taxation released a report providing revenue estimates on several different scenarios that could be considered, including repealing the exclusion for flexible savings accounts and health reimbursement accounts.  The Senate Committee on Health, Education, Labor and Pensions (HELP) filed a 615 page bill yesterday.  The bill will be a starting point for discussion.  Notably, the bill does not include a public plan option, although Senator Dodd, who is filling in for Chairman Kennedy, said there are gaps still open for discussion as committees consider the legislation.  The HELP staff released a summary of the bill as well. 

There Are Legal Consequences Due To Social Media For Employers and Employees

Social networking sites become objects of embarrassment for some companies

At the Bargain Zone, a freight surplus store in Lee’s Summit, office manager Jeff LeMasters was clear about cell phone and Internet rules for employees:

No personal calls, no texting, while on the store floor. And employees had to sign a contract that said they’d be terminated for personal use of the Internet while working.

But LeMasters wasn’t clear about what to do when “someone called and told us we needed to take a look” at what an employee wrote on Facebook.

The employee “was basically trashing us online,” LeMasters found. The comments included profanity and derogatory things about the work and the owners.

“We had no way to know if that could have a negative impact on our business, but we knew we didn’t want it out there,” LeMasters said.

The world of Facebook, MySpace and YouTube postings is giving employers headaches. Often, employers like LeMasters are exploring on a case-by-case basis what rights they have to police employees’ blogs and social networking pages.

LeMasters and business partner Randy Benton quickly learned they had no constitutional right to fight the worker’s postings, but they did have a clear course because some of the Internet use had occurred at the store.

“We didn’t fire the employee because of what was said,” LeMaster said. “We fired the employee because the time spent online was in violation of the signed work contract.”

Usually, though, there isn’t such a bright line to guide employers.

“There’s always a tension between employee privacy rights and the rights of the employer to protect the company image and, sometimes, co-workers,” said Joseph Clees, a lawyer with the Ogletree Deakins Nash Smoak & Stewart law firm.

Get the whole story go to: http://www.kansascity.com/105/story/1241136.html

HCS CARES: Efficiency & Organization Training at Human Capital Strategies

One of our goals at Human Capital Strategies is to ensure compliance and reduce the liability of our clients.  Moreover we strive to make our clients successful in all areas of your business. Having said that, Human Capital Strategies is pleased to invite you to our conference focusing on Efficiency & Organization.  The speakers you will get to meet and hear from are:

Matthew Creek with Clear Mind Consulting provides custom-built, onsite, productivity design & Coaching for individuals and groups.

Sonia Graham with Maximum Business Advantage enables your business to achieve substantial revenue growth through the development, implementation and continuous improvement of systems and processes.

Maretyn Arnold with Productivity Architects uses an integrative approact to information technology to help businesses work more productively and effectively.

 

Friday, June 19, 8:15AM to 10:00AM

Register here: http://ping.fm/mvYty

Human Capital Strategies www.hcscando.com
1 N. Macdonald  (lower level)
Mesa, AZ 85201 US

For more information, contact Christine Nichols @ 480-962-1580 ext. 208 or christine.nichols@hcscando.com

HCS CARES: EMPLOYEE BENEFITS – HOW DOES IT BENEFIT EMPLOYERS?

 EMPLOYEE BENEFITS – HOW DOES IT BENEFIT EMPLOYERS?

One of our goals at Human Capital Strategies is to ensure compliance and reduce the liability of our clients.  Human Capital Strategies is pleased to invite you to our conference focusing on Employee Benefits and how it benefits you as the Employer.  The Speakers you will get to meet and hear from are: 

Brian Evans, Strategic Benefits Consultants (SBC)

Brian’s combination of experience & knowledge has brought a powerful insight to their group of clients. 

Tupper Jones, Prepaid Legal

Tupper Jones is a Group Security Specialist with Pre-Paid Legal Services, Inc., a company that provides valuable legal and identity theft services to companies and their employees. 

Perry Buckman, Wachovia Securities 

Perry, First Vice-President with Wachovia Securities, and his team offer extensive personal and professional experience in investment planning which proves to be beneficial to both employees and employers.

Dale Orr, Aflac

Dale brings 15 years of expierence and his extensive knowledge in the insurance industry.  Aflac benefits employers through their ability to customize solutions that enhances benefit programs.    

Please join us on:

WHEN:           Friday, May 15, 2009

TIME:             8:15 a.m. – 10:00 a.m.

WHERE:         Human Capital Strategies (www.hcscando.com)

                        1 N. Macdonald, Mesa AZ  85201

RSVP:             480-962-1580 ext. 208 or

email christine.nichols@hcscando.com