Blind hiring involves removing any unnecessary identifying information about a candidate from all stages of the hiring process. This can include information that identifies an applicant’s race, ethnicity, gender, or any identifying class, protected or otherwise. When reviewing resumes, interviewing candidates, and making hiring decisions, blinding the information (e.g., making it anonymous) removes conscious and…
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At-risk Rules for Rental Properties & Schedule C Businesses
The at-risk rules limit your ability to deduct losses from your business activities. With these rules in place, the losses you may deduct on your individual tax return are limited to your investment in the company. The most common scenario that might result in a disallowed loss under the at-risk rules is if you invest…
Global Employee Benefits: Small Business Guide
A global employee benefits package is a comprehensive benefits plan designed to meet the diverse needs of an international workforce. This benefits package includes a range of perks, including some that may be required—even for freelancers—in certain countries. A strong benefits plan may be the key to unlocking success for your small business, attracting and…
What Is Form 1042? Who It’s for & How to Fill It Out
US businesses that work with noncitizens or foreign entities may need to file Form 1042, an Annual Withholding Tax Return furnished by the Internal Revenue Service (IRS). It is used for reporting the taxes your company has withheld related to the income paid out to international payees—including nonresident aliens and foreign partnerships, estates, trusts, and…
Call Parking: A Comprehensive Guide for Small Businesses
Call parking is a voice-over-internet-protocol (VoIP) feature enabling users to put an active call on hold and place it in a virtual waiting room or “communal parking lot,” allowing team members to pick it up. Aside from promoting better collaboration, it also drives flexibility, as users have the ability to answer calls from anywhere, on…
Gross Profit Method of Estimating Inventory + Calculator
Small business owners can avoid frequent inventory counts and save time by using the gross profit method to estimate inventory. The gross profit method is the easiest inventory estimation technique wherein the company uses historical gross profit rates to determine cost of goods sold (COGS) and estimate ending inventory. By assuming a constant gross profit…
What Is Certified Payroll & How to Comply
Learn everything you need to know about certified payroll, from how it works to what state and federal laws regulate it.
Certified payroll is a weekly payroll report required by the US Department of Labor (DOL) for government contractors on federally funded projects with a contract value of over $2,000. The payroll report details employee wages, benefits, hours worked, and the type of work performed. To comply with certified payroll, government contractors must submit Form WH-347…
Employer of Record: What a Small Business Should Know
An employer of record (EOR) is an organization that takes financial and legal responsibility for your small business’s international employees by employing them directly, enabling you to work with overseas employees without opening a legal entity in that country. It handles onboarding, payroll, benefits administration, unemployment and workers’ compensation claims, and taxes and does not…