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robintek

Mar 02
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What To Do If You Make A Mistake On Your Small Business Tax Return

By Business Protection Bulletin

Small business tax return mistakes can vary from simple math miscalculations to huge deduction errors. While the tax preparer you hire will have liability insurance that covers his or her part in any filing mistakes, you must take several steps to correct the mistake and prevent your liability, too.

Amend Your Tax Return

The IRS knows that mistakes can happen, which is why they allow you to amend your tax return. Essentially, this amendment corrects any mistakes.

Find the X Form

To amend your tax return, you need to know the form number of your original return. Then find the X Form. For example, if you filed a Form 1040, look for the 1040-X. Likewise, Form 94X corrects employment taxes, and Forms W-2C and W-3C correct employee earnings and withdrawals.

Complete the X Form

Generally, you will need to print and complete the paper version of the X Form, even if you electronically filed your original tax return. The X Form includes three columns you must complete accurately.

  • Column A – amounts from the original return
  • Column B – net increase or decrease of the original amounts
  • Column C – corrected amounts

Additionally, explain the changes on the back of the form. Be thorough and accurate as you share your reasons for amending your tax return.

Include Related Forms or Schedules

Your tax return amendment may also change information on the other forms and schedules you filed. Complete corrected versions of these forms and schedules, and attach them to the amended X Form. If you forget to submit all these papers together, you will experience a processing delay.

File the Amended Form

After you complete the X Form with accurate information, mail it to the IRS. It usually takes a minimum of eight to 12 weeks for the IRS to process amended small business tax returns.

Pay Penalties

While you do want to amend your tax return and correct mistakes, realize that you may also owe penalties. Interest typically accumulates from the due date of your original return. Pay any tax you owe as soon as possible to decrease penalties.

File an Amendment as Soon as Possible

You may file an amended tax return up to three years after you filed the original return. Because your fees, penalties and interest charges increase the longer you wait, file any required amendments as soon as you realize the mistake.

When you notice a mistake on your small business tax return, you may take several steps to correct it. Take these steps as soon as possible to reduce your financial liability and protect your business.

Mar 02
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When To Contact Your Commercial Insurance Agent

By Business Protection Bulletin

Your commercial insurance policies protect your business, making your insurance agent an essential resource for your company. While you may not have your agent on speed dial, you will want to contact him or her in several circumstances.

Verify Coverage Details

You can purchase a variety of different policies for your business, and need to understand your exact coverage. Contact your insurance agent to verify which types of coverage you have and your policy limits.

Update Your Policy

When you add a vehicle to your commercial fleet, sell a piece of equipment, move to a new location, or make other changes to your business operations, call your insurance agent. These updates could affect your insurance needs, policy and premium.

File A Claim

If you need to file an insurance claim, contact your agent immediately. You may call the agent’s office, send an email or text, or fill out an online claim form on the company’s website. Remember to submit pictures, too, as you get your claim process started.

Ask Questions About a Claim

After you file an insurance claim, you may have questions about the adjuster’s findings or the settlement timeline. Feel free to contact your agent and ask any questions you may have.

Discuss Your Bill

Whether you pay your insurance bill annually, semi-annually or quarterly, you may inspect your bill and realize that you have questions about one of the charges or fees. Most insurance agents remain transparent about billing, and they can explain anything you don’t understand about your insurance charges, fees or payment date.

Pay Your Bill

If you experience any issues when you pay your insurance bill, call your agent. You may also ask for a change in the policy due date or a change in payment frequency.

Initiate an Annual Review

You should receive a notice a few weeks before your commercial insurance policy’s renewal date. Ask your agent for a meeting to renew your coverage. During this meeting, discuss details about your business and the types of insurance you need, including coverage limits and cost, as you verify that you have the right insurance for your needs.

Request a New Quote

Based on your insurance policies you purchase and your loyalty to your commercial insurance company, you may qualify for discounts or a more competitive rate. Your agent can rework your coverage limits, check for discounts and give you a new quote that meets your budget.

Throughout the year, you may wish to contact your commercial insurance agent for several reasons. Always feel free to reach out and discuss your needs as you purchase the right coverage for your business.

Mar 02
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Can You File A Workers’ Compensation Claim For A Commute Injury?

By Workplace Safety

Workers’ Compensation covers medical and other expenses if you suffer an injury or illness from work-related activities. You may wonder, though, if you can file a claim if you’re injured during your commute, especially if you carpool with co-workers or run errands for your boss on the way to work. Here are some guidelines to help you answer this question.

Understand the Coming and Going Rule

The Workers’ Compensation laws vary by state, but in general, the “coming and going rule” applies to your commute. This rule states that employees who work in a permanent location, such as an office building or factory, cannot file a Workers’ Compensation claim for injuries they suffer during their commute to their work location because they do not perform work-related tasks during the commute. However, you may experience several exceptions to the coming and going rule.

You Don’t Have Permanent Workplace

Certain employees travel to different job sites for work rather than reporting to one specific location. In this case, your travel falls under your employment duties. If you would suffer an injury while commuting to a job site, you could file a Workers’ Compensation claim.

You Drive a Company Vehicle

Your employer may provide you with a vehicle to drive to and from work. Even if you work in a permanent job location, your commute could be considered part of your job because you drive a company car. In this case, you may be eligible for Workers’ Compensation if you suffer an injury during your commute.

Your Employer Covers Travel Expenses

Sometimes, an employer will reimburse you for travel expenses, including costs associated with your commute. You may be eligible to file a Workers’ Compensation claim in this case because you receive travel expense reimbursement.

Your Employer Mandates Carpooling

Your employer may mandate carpooling for your commute because it builds team rapport, conserves parking spaces or is environmentally friendly. Because of this incentive, your commute may be considered part of your employment relationship, allowing you to file a Workers’ Compensation claim for injuries that occur as you carpool.

You do Errands for Your Employer

If your employer asks you to stop for coffee on the way to work or mail packages after work, you are performing work-related tasks even though you’re not on your employer’s premises. In this case, your commute may be covered by Workers’ Compensation.

An injury that occurs during your commute to or from work probably won’t be covered by Workers’ Compensation. You may talk to your human resources manager, though, for details on your specific accident because certain exceptions could allow you to file a claim and receive compensation.

Mar 02
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What You Need To Know About Safety Footwear

By Workplace Safety

Whether you stand all day, operate heavy machinery or handle chemicals, you need to protect your feet as you work. Several foot safety tips reduce injuries and help you maintain a safe work environment.

When to Wear Safety Footwear

Safety footwear protects your feet against numerous injuries, including punctures, impacts, electrical shock and compression. If you work in any hazardous work environment, you probably need to wear safety footwear as part of your daily uniform. Protective shoes also protect your feet if you suffer from weak ankles or other medical conditions.

Available Types of Safety Footwear

Depending on your job and preferences, you may select safety boots or sneakers. Available in a variety of styles and colors, the best safety shoes include a CSA certification and may include:

Safety-toe – features a special toe covering that protects the foot from dropped objects

Steel insole – stabilizes feet and protects them from joint and bone injuries or problems

Metal instep – provides a barrier against glass, nail and other sharp object punctures

Metatarsal protection – reduces injuries to your upper feet and internal bones

Electric protection – absorbs shock through specially made soles

Heat resistant – resists heat-related injuries

Water resistant – repels water and keeps feet dry

Nonslip – improves traction on various surfaces

Where to Purchase Safety Footwear

Your employer may provide strict guidelines and limitations about exactly which safety shoe you may wear, including where you may purchase this gear. If you can select the safety shoes you wear, check specialty footwear stores or online retailers. Because you want to protect your feet, select only the right shoes for your job and feet. Price should be secondary as you promote safety.

How to Fit Your Safety Footwear

When trying on safety footwear, ensure a proper fit.

  • Try on shoes in the afternoon to accommodate swelling that occurs naturally during the day.
  • Wear your regular work socks and any special supports.
  • Ensure ample toe room since the shoes typically do not stretch with wear.
  • Check for snugness around the heel and ankle.
  • Walk around a bit to check for comfort.

Care Instructions

Most safety footwear requires ongoing care and maintenance. Before you wear them for the first time, apply a water-resistant coating. Every day, inspect your shoes for damage, including sole cracks, leather breaks or toe cap exposure. Always replace your safety footwear if you notice signs of wear or damage that you cannot repair and after a puncture, impact or other event that may compromise the shoe.

Protect your feet at work when you wear the right safety footwear. Talk to your employer and check OSHA resources as you purchase, maintain and wear shoes that protect your feet every day.

Mar 02
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How To Protect Employees Who Work Outdoors In Winter

By Workplace Safety

Across the country, temperatures plummet during cold winter months. Many employees must work outdoors and face injury or even death because of the weather conditions. Protect your outdoor workers with several safety precautions.

Which Employees are at Risk?

Employees who work outdoors for extended periods could suffer weather-related injuries. These employees include:

  • Police officers, firefighters, EMTs
  • Snow cleanup crews
  • Utility workers
  • Construction crews
  • Postal workers
  • Miners
  • Farmers
  • Traffic controllers

Employees who only spend a short time outside could also be in harm’s way, though, if they don’t prepare properly for the conditions.

Understand Winter Weather Dangers

Cold air temperatures, high winds, damp air, slippery surfaces and contact with water threaten your outdoor employees. Winter weather dangers also include frostbite, hypothermia, increased strain and injury risks, dehydration, decreased performance and other health and safety challenges.

Tips to Protect Your Outdoor Employees

Assess the dangers your outdoor employees face, and then implement safety protocols that protect your team.

Know the forecast.

If the forecast calls for cold temperatures, high winds, snow or ice, alert employees. Ensure they take appropriate safety measures.

Wear protective clothing.

Clothing provides employees with a defense against winter weather. To stay warm, ask your employees to follow these clothing tips.

  • Wear three layers. An inner insulating layer traps perspiration, a middle layer protects the body from precipitation and an outer layer allows ventilation and prevents overheating.
  • Fabric matters. Wool, silk or certain synthetic fabric, rather than cotton, keeps skin dry even in wet weather or when perspiring.
  • Loose is better. Tight clothing can trap moisture and lower body temperature.
  • Remember the extremities. A hat, gloves, two pairs of socks and insulated shoes protect head, hands and feet.
  • Pack extra clothing. If an accident happens, your employees can change clothes and get dry and warm.

Stay alert to body changes.

Ask your employees to look for symptoms of frostbite, hypothermia, dehydration or other problems. They should report tingling, itching, burning, pain, sluggishness, aggressive shivering, disorientation and slurred speech to their supervisor.

Eat a healthy diet.

The right diet fuels employees and helps them stay safe and alert. Adequate fluids prevent dehydration, and a balanced diet improves focus and energy. Employees should avoid alcohol and tobacco as these substances can impair thinking, constrict blood vessels and restrict blood flow, which increases heat loss and affects the body’s ability to warm extremities.

Apply sunscreen.

Harmful UVA and UVB rays can cause sunburn in any weather. Provide sunscreen for all employees to wear on exposed skin.

Promote safety this winter for your outdoor employees when you follow these tips. For more information on outdoor work safety, access OSHA’s winter weather resources.

Mar 02
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Eight Steps To Prevent Slips And Falls In Your Workplace

By Workplace Safety
The majority of accidents in your workplace may stem from slips, trips and falls. In fact, slips, trips and falls cause one in four reported workplace injuries, 15 percent of workplace accidental deaths and 65 percent of lost work days.

Winter weather can cause particularly dangerous conditions, so utilize eight steps and protect your employees.

Understand Slip, Trip and Fall Hazards

In general, slips, trips and falls occur because of traction loss between shoes and the floor’s surface or when an employee accidentally comes in contact with an object. A variety of conditions could cause slips, trips and falls this winter, including:

  • Surfaces covered with ice, frost, snow, hail or wet leaves
  • Wet, greasy or freshly polished floors
  • Transitions between floor types
  • Sloped walking surfaces
  • Loose or missing flooring
  • Damaged or irregular steps
  • Missing or loose handrails
  • Wet, greasy or oily shoe soles
  • Clutter
  • Employee clumsiness or distractions
  • Collisions with furniture or other sharp edges

Eight Steps to a Safer Work Environment

Address challenges and create a safer work environment when you take eight steps.

1. Repair flooring and other surfaces.

Wrinkled carpeting, missing floor tiles or uneven sidewalks can prompt slips, trips and falls. Inspect your facility, list problem areas and make needed repairs.

2. Remove spills.

Wet surfaces cause slips and falls, so remove spills as soon as possible. Utilize wet floor signs as needed, too.

3. Utilize slip-proof flooring options.

Depending on your company’s operations, consider installing slip-proof flooring, mats or nonslip adhesive strips. These options prevent slips, absorb moisture or warn employees in areas where slips, trips and falls are likely to occur.

4. Attend to outdoor areas.

Parking lots, sidewalks and other outdoor areas may become slippery because of inclement weather conditions. Remove snow and ice promptly, and treat these areas to ensure they remain safe all day.

5. Clear clutter.

A clean workplace can decrease falls and trips. Remove unnecessary clutter, including boxes and cords, from walkways, hallways and other areas. Then assign one person or a team in each department to keep the workspaces neat and tidy.

6. Improve lighting.

Proper lighting throughout your workplace improves safety. Install adequate lighting in hallways, dock areas, stairways, ramps and entrances, and replace burnt-out bulbs or broken fixtures.

7. Wear proper shoes.

Non-slip shoes improve traction. Advise employees to wear proper shoes and keep the laces tied as they work.

8. Pay attention.

Ask your employees to stay alert and take their time as they walk. They should also report any potential hazards as they promote safety throughout your company.

Create a safe workplace environment when you take these eight steps. These steps prevent slips, trips and falls.

Feb 28
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Umbrella Insurance Offers Libel and Slander Protection

By Personal Perspective

During a party at your home, you get caught up in the moment and say something that’s untrue about a friend. Or you write a letter to the editor and use unfounded statements about someone. Unfortunately, everyone makes mistakes. You might find yourself facing a libel or slander lawsuit, though, because of your judgment lapse or other mistakes. An umbrella insurance policy can protect you.

What is Libel and Slander?

Libel and slander fall under the category of defamation. Typically, libel covers written statements and slander covers speech. Because both forms of defamation damage a person’s reputation, the victim could file a lawsuit that threatens your home, financial savings and other assets.

You Need an Umbrella Insurance to Have Libel and Slander Coverage

Whether you committed libel in a written letter or email or spoke slander at a party or during a phone conversation, your homeowners or renters insurance policy probably doesn’t protect you. However, it might if you:

*Sign a personal injury endorsement that covers unintentional acts of libel or slander.
*Obtain personal injury coverage that offers additional liability coverage for at-home or off-site remarks that are considered libelous or slanderous.

For maximum and guaranteed protection, buy an umbrella policy that covers personal injury. It’s an additional endorsement that takes effect after your homeowners insurance is exhausted.

Your umbrella policy can also provide financial protection and pay for defense costs if you’re sued in certain cases. Those cases include invasion of privacy, defamation of character or wrongful imprisonment.

How Much Coverage Should you Buy?

With help from your insurance agent, decide how much umbrella insurance coverage you need. If you have a large number of assets or a high net worth, consider purchasing a large umbrella policy to protect yourself. No matter how much money or valuables you own, however, consider purchasing this  beneficial coverage.

No one usually plans to commit libel or slander, but accidents happen. Umbrella insurance can protect you. Discuss your options with an insurance agent today, and think twice before writing or saying something that might come out the wrong way.

Feb 28
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Planning a Company Outing? Reduce liabilities with some sound planning.

By Workplace Safety

First, decide whether an outside professional group will plan the event or an internal group within the company.  The external group has advantages regarding reducing liability, but budget is a factor.

Regardless of the above choice, areas of concern include:

•             Is attendance mandatory or voluntary?
•             Are family members or customers invited?
•             Alcohol policy
•             Transportation policy
•             Conduct code – professional or fun
•             Events construed as sexual harassment or hostile
•             Social media aftermath

Mandatory attendance will be construed as work.  The company will be subject to hourly wages, workers’ compensation claims, and a variety of regulatory issues.  Opt for voluntary whenever practical.

Will employee’s families attend?  This question is the double edged sword.  Families love inclusion and self-govern behavior.  The bad news is families self-govern behavior.  What process is in place for a wild or disruptive spouse?  How about inappropriate airing of the family laundry?  Is there bad blood between a spouse and a customer?

The obvious answer is prohibition.  No alcohol permitted.  Sometimes, alcohol can be very appropriate as long as measures are in place to curtail excess.  One rule of thumb is to only allow work-like demeanor or behavior.  Under this rule, alcohol would be banned.

Not so obvious, suppose a spouse, child or customer is an alcoholic?  In some states, marijuana is now legal.  Does the alcohol consumption open the door for the pot?  Strictly from a liability viewpoint, drugs and alcohol should be banned from any company function.

Transportation can be arranged for group activities away from the work campus, but use caution.  Just as with mandatory attendance, the risk of transporting employees brings in workers’ compensation issues.

All the rules of the workplace, including sexual harassment and bullying, apply to the fun outings.  Communicate this fact to all employees prior to the event.

Posting reports and pictures from the outing is good for morale, but screen the social media for embarrassing or inappropriate content.

Think through these issues and decide what sort of outing is appropriate for your company.  Create a set of behavioral standards based on the event.  For example, competitive sports or team building may get rowdier than a night at the opera.  Communicate those expected behaviors for employees and their families.

Properly managed employee expectations will relax the group and put some fun into the company function.

Feb 28
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DON’T LET DRIVERS USE THEIR CELL PHONES!

By Business Protection Bulletin

A survey by the Centers for Disease Control and Prevention (CDC) found that 69% of U.S. drivers talked on their cell phones – and 31% read or sent text messages or e-mails while driving. “The cell phone can be a fatal distraction for those who use it while they drive,” warns CDC Director Thomas Frieden.

Using cell phones to text behind the wheel can increase the danger of fatal crashes by six to 23 times, and drivers using hand-held devices are four times more likely to become involved in crashes serious enough to injure themselves.

You probably have rules about employees talking on their phones and texting while driving – but are they following them?

According to Jim Evans, president of human resources consulting firm JK Evans & Associates, some bosses turn a blind eye to cell phone use behind the wheel, while others don’t want to cut into their employees’ productivity. His advice to employers: “Dust off the old cell phone policy or unwritten practices and revisit whether employee safety and employer liability is at risk.”

To minimize this danger, your company should require employees who drive on the job to:

  • Turn off personal phones or switch them to silent mode before entering a company vehicle.
  • Pull over to a safe area if they need to make a cell phone call or send or answer a text message.
  • Ask a helper or another passenger to make a return call.
  • Contact supervisors or dispatchers when the vehicle is parked.
  • Avoid smoking, eating, drinking, reading, and any other activities that distract them behind the wheel.
  • Tell people who call them while driving that they’ll call back after reaching their destination.

 

Feb 28
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DON’T FORGET INSURANCE FOR YOUR ORGANIZATION’S CYBER RISKS

By Cyber Security Awareness

The federal Internet Crime Complaint Center received more than 330,000 complaints in 2009, and more than a third of them ended up in the hands of law enforcement. The damages from those referred to the authorities totaled more than a half billion dollars. The Government Accountability Office estimated that cyber crime cost U.S. organizations $67.2 billion in 2005; that number has likely increased since then. With so much of business today done electronically, organizations of all types are highly vulnerable to theft and corruption of their data. It is important for them to identify their loss exposures, possible loss scenarios, and prepare for them. Some of the questions they should ask include:

What types of property are vulnerable? The organization should consider property it owns, leases, or property of others it has in its custody. Some examples:

  • Money, both the organization’s own funds and those it holds as a fiduciary for someone else
  • Customer or member lists containing personally identifiable information, account numbers, cell phone numbers, and other non-public information
  • Personnel records
  • Medical insurance records
  • Bank account information
  • Confidential memos and spreadsheets
  • E-mail
  • Software stored on web servers

Different types of property will be susceptible to various threats, such as embezzlement, extortion, viruses, and theft. What loss scenarios could occur? The organization needs to prepare for events such as:

  • A fire destroys large portions of the computer network, including the servers. Operations cease until the servers can be replaced and reloaded with data.
  • A computer virus infects a workstation. The user of that computer unknowingly spreads it to everyone in his workgroup, crippling the department during one of the year’s peak periods.
  • The accounting department discovers a pattern of irregular small funds transfers to an account no one has ever heard of. The transfers, which have been occurring for almost three months, were small enough to avoid attracting attention. They total more than $10,000.
  • A vendor’s employee strikes up a casual conversation at a worker’s cubicle and stays long enough to memorize the worker’s computer password, written on a post-it note stuck to her monitor. Two weeks later, technology staff discovers that an offsite computer has accessed the human resources database and viewed Social Security numbers, driver’s license numbers, and other personal information.

In addition to taking steps to prevent these things from happening, the organization should consider buying a Cyber insurance policy. Several insurance companies now offer this coverage; although no standard policy exists yet, the policies share some common features. They usually cover property or data damage or destruction, data protection and recovery, loss of income when a business must suspend operations due to data loss, extra expenses necessary to maintain operations following a data event, data theft, and extortion. However, each company might define these coverages differently, so reviewing the terms and conditions of a particular policy is crucial. Choosing an appropriate amount of insurance is difficult because there is no easy way to measure the exposure in advance. Consultation with the organization’s technology department, insurance agent and insurance company might be helpful. Finally, all policies will carry a deductible; the organization should select a deductible level that it can afford to pay and that will provide it with a meaningful discount on the premium. Once management has a thorough understanding of the coverages various policies provide in relation to the organization’s exposures, it can fairly compare the costs of the policies and make an informed choice.

Computer networks are a necessary part of any organization’s environment today. Loss prevention and reduction techniques, coupled with sound insurance protection at a reasonable cost, will enable an organization to get through a cyber loss event.

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