News

News

They share any information that’s available concerning our business or things that might affect our business. And I think they also are very effective in helping you understand why you need to look at things differently if you’re not looking at them the right way.
- Tanya Henry, Executive Director, Milwaukee Careers Cooperative

 

We are constantly on the alert for all the latest industry news, legislative updates, trends and more that could possibly impact your staffing business. Our president and CEO, Julie Ann Bittner, also shares her insights on the staffing industry in her message (link below). And when we don’t see information about a topic we feel is critical for you to know, we create it ourselves to share in our monthly email.

Press Room

In this issue:

What's at risk if a client claims bankruptcy, managing preference claim risk and simple steps to protect your company, and uncovering potential credit risks.


 

Bankruptcy Preference Claims—The Letter No One Wants To Receive

 
As the country continues to struggle with difficult economic times, some of our clients have expressed concerns about the financial strength of their own customers. A weak economy can lead to business failures—and when the businesses that fail are your customers, it can place your staffing company at risk.
 
When a business declares bankruptcy, a common misconception is that staffing companies have a priority status for any unpaid invoices because the invoices are for wages. This is not the case. Unless the claim is secured in some way, the invoices are considered a “fee for service” and are not given a priority status.
 

In this issue:

Staying current with your W-4 forms, finalizing year end payroll adjustments, W-2 forms and holiday bonuses, and information on new tax rates for 2009.


 
 
 

ARE ALL OF YOUR EMPLOYEES CURRENT WITH THEIR FORM W-4?

 

Employees Exempt from Withholding:

 
An employee who certified to his employer on Form W-4, Employee’s Withholding Allowance Certificate, that he had no income tax liability for 2007 and anticipated no income tax liability for 2008 was entitled to an exemption from withholding for 2008. If the employee expects to incur income tax liability in 2008, a new Form W-4 must be given to the employer by February 15, 2009.
 

Change in Exemptions:

 
If an employee loses an exemption at the beginning of the New Year for any reason, they should also file a new Form W-4 for 2009. An employee who wishes to make changes to their current withholding should also fi le a new Form W-4.
 

EMPLOYERS – HAVE YOU TOLD YOUR EMPLOYEES ABOUT THE EARNED INCOME CREDIT (EIC)?

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