Without a clearly written policy, using additional paid time off as a benefit when deciding employee compensation, could put you at risk for a lawsuit.

The Department of Labor is helping companies remind their employees about the importance of saving for retirement. A series of four posters is available for companies to display. You can print them from the web site address below and display them in your workplace, or e-mail the messages to each of your employees. The posters come in text and graphic format and are available in English and Spanish.

W-9/1099 Reporting It is important for each business that issues checks to non-employees to have a form W-9 on file. Form W-9 is the non-employee equivalent of form W-4. Now is a good time to review your files to make certain that these forms are on hand and current. The information contained on form W-9 is used to determine if a form 1099 must be filed. Even you don’t need to issue a 1099, you are still required to have a W-9 on file. If a proper W-9 is not on file, backup withholding should be withheld from each check issued to the non-employee. Otherwise, the IRS can disallow related tax deductions and assess taxes equal to the backup withholding which you did not withhold, plus penalty and interest.

As 2008 draws into the home stretch, we at Gardiner Thomsen wanted to review some major new tax and reporting issues with you. There have been several exciting new changes and credits that have recently been enacted and we want to encourage you to take advantage of these benefits.

Here are ten excellent tools and practices for improving your audit committee performance, and to help take it to the next level.

The employer must hire designated community residents. A designated community resident is a new employee who is at least 18 and has not reached the age of 40, and who lives in a designated county. 30 counties in Iowa qualify and 35 counties in Nebraska qualify as a designated county - as well as many counties in surrounding states. Please note that it is the employee that must reside in a designated county. It is not relevant where the employer is located.