News

1. What does being part of an ESOP mean to you? "Being part of an ESOP is very important to me. It is a financial security knowing that I will eventually be able to benefit from the success of our company and what we all do every day. I will be able to retire, travel,…

1. What do you appreciate about the ESOP most? "The collaborative work environment it creates.  All employee-owners have something to gain when the company is successful.  I have experienced a lot of team effort over the years.  My co-worker’s willingness to help and offer solutions is priceless.  It really does draw a group of creative,…

Extended detection and response (XDR) is a cybersecurity solution that offers businesses end-to-end visibility, detection, investigation and response across multiple security layers. XDR is an evolution of endpoint detection and response (EDR)—a cybersecurity offering that continuously monitors threat information and endpoint data to detect and respond to ransomware and other types of malware. However, EDR…

Today’s remote and hybrid workplaces rely on virtual communication and collaboration. While these arrangements remove much day-to-day interaction, fortunately, technology can enhance relationships and enable meaningful conversations. As employers navigate and compete in the “Great Reshuffle,” intelligent and flexible technology can help rehumanize work. For example, a software could measure and improve workplace culture, help…

On March 9, 2023, the IRS released updated penalty amounts for 2024 related to the employer shared responsibility (pay or play) rules under the Affordable Care Act (ACA). For calendar year 2024, the adjusted $2,000 penalty amount is $2,970 and the adjusted $3,000 penalty amount is $4,460. Pay or Play Penalty Calculations Under the pay…

Through proper response planning, businesses can mitigate potential damages that may arise from cyber incidents. Yet, it’s important to note that cyber incident response planning requires coordination across a company. An effective response plan should outline: Cyber incident response plans should address a variety of possible scenarios and be communicated to all applicable parties. These…

An employee value proposition (EVP) is the unique set of benefits employees receive in return for the skills, capabilities and experiences they bring to an organization. While an EVP includes common factors such as compensation, benefits and career opportunities, it also expands to all the value an employee can receive in exchange for their work.…

A vital aspect of running a small business involves managing its associated risks, as no operations are immune to internal or external threats. A risk management plan involves implementing various techniques that can help mitigate or prevent loss. There are multiple ways a company can organize its risk management plan, but steps commonly consist of…

The Consolidated Appropriations Act, 2023 (CAA) extends the ability of high deductible health plans (HDHPs) to provide benefits for telehealth or other remote care services before plan deductibles have been met without jeopardizing health savings account (HSA) eligibility. This extension applies for plan years beginning after Dec. 31, 2022, and before Jan. 1, 2025.  Background …

Small businesses and self-employed people saw fewer cyberattacks and data breaches over the past 12 months. Still, significant risks remain for this corner of the economy, according to the Identity Theft Resource Center’s (ITRC) 2022 Business Impact Report. The ITRC recently surveyed 450 people who led small businesses or were self-employed about their experiences with…