According to the most recent International Trade Association data available through the Small Business Administration, small businesses represent 97.7 percent of the U.S. firms that export goods to other countries. In fact, they account for over one-third of the United States’ known export value.
With business technology ever evolving, expanding our collaboration and communication capabilities, we can assume that more small business owners will want to seize opportunities to extend their customer base beyond U.S borders. With 96 percent of global consumers living outside of the United States (according to the U.S. Department of State), reaching a global market can fuel revenue growth and offer some protection against fluctuations in the U.S. domestic markets. Continue reading
by Monica Blackwood, Columnist, Kitsap Peninsula Business Journal
The last half of 2017 saw companies scrambling to understand and prepare for Washington’s paid sick leave law, and employers continued to educate themselves on the new regulations into the summer of 2018. While that flurry of activity was happening, there was another bill which Gov. Jay Inslee signed: Washington State Paid Family and Medical Leave Law.
We are now the fifth state in the nation to pass such a law, after California, New Jersey, Rhode Island and New York. And, the law’s “go live” date is fast approaching – employers need to comply by January 1, 2019.
A quick summary about this law: For the year 2019, funding will be built up into the plan. Starting January 1, 2020 eligible employees are allowed 12 weeks of family or medical leave. This includes mothers and fathers welcoming a child into their home either by birth or adoption; or to take care of themselves or a family member (defined as a child, spouse, domestic partner, parent, parent-in-law, sibling, grandparent or grandchild) who has a serious health condition, or for a family member injured due to military service. In some situations, that paid leave can be extended to up to 18 weeks.
Read the rest of the story here…
ABOUT THE AUTHOR
Monica Blackwood is president and CEO of Westsound Workforce, with offices in Gig Harbor and Poulsbo. Contact her at email@example.com.
Washington is soon to be the fifth state to offer paid family and medical leave benefits. All workers will no longer have to choose between caring for their loved ones and making ends meet. They can dedicate their time away from work to be the best caretaker they can be. In return employers have access to an inexpensive benefit, save on payroll costs while the worker is on leave, and reduced employee turnover costs.
Workers can begin taking leave in 2020, but next year employers will have some actions to take.
First, employers need to withhold premiums from paychecks starting with the first check in 2019. These premiums are split between employers and workers. Workers foot most of the bill, but employers with 50 or more employees have a portion to pay also. (Employers with fewer than 50 employees don’t have to pay premiums but are still responsible for collecting and remitting the workers share.) Premiums are paid to the Employment Security Department by employers quarterly, starting in 2019. Learn more about premiums on the Premiums page. Continue reading
Businesses in Washington should be aware of a possibly fraudulent letter claiming to be an official bill for annual business registration fees.
One letter received by an Edmonds-based business directed the business to send $121.86 to a post office box in Olympia. The letter stated, “your state annual report will not be filed until payment is received.”
The misleading letter did not include the Office of Secretary of State logo, as an official letter from the Office of Secretary of State would – see the example pictured above. Continue reading
The Tax Cuts and Jobs Act (TCJA) created a new 20% deduction for pass-through entities. Though the IRS has not fully interpreted the new rules—which won’t go into effect until the 2019 tax season—many of the implications are clear. This article’s companion piece examined what qualifies as a Pass-Through Entity (PTE).
This blog hopefully sheds some light on how PTEs will be impacted by the new law.
Why a Deduction for Pass-Through Entities?
Since their inception, pass-through entities have been a popular choice for entrepreneurs, especially after the 1986 Tax Reform Act (TRA). Better known as President Reagan’s second tax cut, the TRA was passed by Congress to simplify the tax code and adjust the federal tax brackets. Continue reading
One of the joys of running a small business is how close you and your employees can become. For many entrepreneurs, their staff is more like family. That’s why it can be so painful to think that one of your employees is an embezzler. However, employee fraud is more common than you may think.
In fact, the majority (55 percent) of embezzlement takes place at companies with fewer than 100 employees, according to a study by insurance company Hiscox.
But that’s not all. In addition to being disproportionately affected by embezzlement, small companies also face disproportionately large costs when they are robbed. Consider this: One incident of embezzlement costs small businesses a median of $289,000. Could your business take a hit that big?
Read more here…