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BusinessHub

SWBC's BusinessHub blog is a one-stop resource for business owners and company decision makers.

 

Preparing for a 401(k) Audit: Yes, They Really Do Exist

As a business owner, the word ‘audit’ tends to send chills down the spine and upset the stomach. But did you know that if your company offers a retirement plan to your employees your Plan Sponsor—party designated to administer a retirement plan, usually a company—should be conducting a plan audit?

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Making Corrective Distributions in Your 401(k) Plan

Do you offer a 401(k) or other retirement plan to your employees? If yes, it's wonderful that you assist your employees in planning and saving for their future! Like many other financial areas in your business, though, your 401(k) plan requires some oversight to avoid trouble and Internal Revenue Service (IRS) penalties. Make sure you familiarize yourself with these rules regarding contributions and the possible need for corrective distributions from your plan.

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3 Key Employment Laws That You Need to Know

Operating a business comes with great responsibility to not only your customers but also to your employees. It is important to understand key employment laws to make sure you stay in compliance with the law and don’t jeopardize your business or the safety of your employees.

Here are three key employment laws to keep in mind that will help manage your employees.

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Pres. Trump and the ACA: What Businesses Need to Know

President Trump has been working to possibly repeal and replace The Affordable Care Act (ACA) also known as Obama Care since he was sworn into office in January 2017. His goal to repeal and replace The ACA that insures more than 20 million citizens continues to be top of mind for the Trump administration. But, what does this mean to business owners and when will it happen?

Here are the top 4 things businesses need to know.

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3 Laws that Affect the Interview Process (And How You Can Avoid Breaking Them)

Hiring the right employees is a critical business function. With a vast number of potential candidates, finding the right fit for your company is not always as simple as reading over a resume and cover letter. The interview process is a vital component of hiring procedures, but it can also be stressful and time consuming. Further, the type of questions hiring managers ask could potentially be a violation of the law. There are several laws that affect the interview process, and today, I'll cover three of those laws and go over how to phrase interview questions so that you can get the answers you need to make appropriate hiring decisions, while ensuring the candidates' rights are not violated.

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Affordable Care Act Requirements Taking Effect in 2017: Vol. 2

The Affordable Care Act (ACA) has many changes coming down the pike in 2017, and to help your business prepare, we are featuring a series of posts that explain each change and provide direction on what your company can do to develop a compliance strategy. Volume 1 of this series explored plan design changes including grandfathered status, cost-sharing limits, and health FSA contributions. This post, Vol. 2, will cover Summary of Benefits and Coverage (SBC).

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Affordable Care Act Requirements Taking Effect in 2017: Vol. 1

The Affordable Care Act (ACA) has made a number of significant changes to group health plans since the law was enacted in 2010. While many key ACA reforms took effect in 2014 and 2015, there are still a number of requirement changes coming up in 2017.

In preparation for these changes, we’ll be featuring a series of posts to walk you through these new requirements and help you develop a compliance strategy. This post, Volume 1, is focused on plan design changes.

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Department of Labor Fiduciary Ruling: 5 Things You Need to Know

The Department of Labor (DOL) Fiduciary Ruling is good news for employers and their employees. The primary benefit of the new legislation is that investment professionals that offer investment recommendations for retirement plans will be held to the fiduciary standards as defined by ERISA.

While you may believe your existing investment advisor has served in this role, this is less common than most employers would think. Use the five questions listed below to confirm that you are taking advantage of the protections offered by the new legislation.

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5 Tips Every Real Estate Investor Should Know

If done right, real estate investing can be a great source of secondary income and even become your primary source of income. Starting on the right foot and understanding the process is imperative and can save you time and money in the long run.  If you are currently a real estate investor or thinking about becoming one, here are five essential tips that every real estate investor should know-no matter where you are in the game. 

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4 Lawsuits Your Business Should Avoid (And How to Avoid Them)

It’s not uncommon for employers to operate under the notion that they are complying with the law when it comes to workplace policies and procedures. Nowadays, a greater number of businesses are out of compliance, unbeknownst to them. With an increasing number of discrimination and harassment lawsuits, employers everywhere need to take action to protect themselves and their business.

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