March 9, 2017
A good basketball team is at its best when its top players are on the floor. Similarly, a company is the most productive, efficient and innovative when its best employees are in the right positions, doing great work.
Unfortunately, it’s not uncommon for good employees to battle personal problems, such as substance dependence, financial and legal woes, or mental health issues. These struggles can negatively affect their productivity and the working environment around them. One way employers can help is by offering a benefit called an employee assistance program (EAP).
A benefit with benefits
An EAP helps identify at-risk employees and assist them in finding the professional help they need. An employee who enrolls in the EAP may, for example, immediately be put in touch with a counselor or social worker.
According to the U.S. Department of Labor’s Office of Disability Employment Policy, EAPs have been shown to contribute to:
An EAP is, of course, not a substitute for health care insurance.
Employers don’t have to create and administer EAPs on their own. A wide variety of vendors are available. But, as is the case with any benefit, it’s important to choose a vendor carefully and make sure you get good value for your investment. Please contact our firm for assistance in assessing the costs and specific features of an EAP.
The old saying goes, “Nothing is certain except death and taxes.” Sometimes a premature death can actually increase taxes. How? It harms the effectiveness of certain estate planning techniques. A self-canceling installment note (SCIN) can be a solution.
If your business sponsors a 401(k) plan for its employees, it’s important to keep up with tax developments related to such plans. For example, the Tax Cuts and Jobs Act and the Bipartisan Budget Act both included 401(k) plan changes you need to know about.
Trying to decide where to retire? To avoid unpleasant tax surprises, it’s critical to consider state and local income, property, sales and estate taxes.