We have all worked at places where we look at management and think how on earth is that person a manager. Managers play a critical role in hiring and motivating employees, enforcing policies and rules, and promoting a fair and productive workplace. This is particularly true for small employers, where a single bad manager can wreak havoc. Here are 10 signs you may have a bad manager:
- Takes all the credit, none of the blame. Public recognition can be a powerful motivational tool for employees. If managers accept all of the credit for successful projects, it can have the opposite effect. Make sure managers recognize employees’ contributions consistently and take responsibility when things go wrong.
- Employees seem surprised by their performance rating. Managers should provide performance feedback throughout the year and not wait until a formal review at the end of the year. If you are noticing employees are surprise by what they find in their annual performance review, a lack of ongoing feedback may be to be blame.
- Performance feedback is too good (or bad) to be true. If managers give every employee high marks or every employee low ratings, this can leave employees feeling that performance isn’t valued. Make sure managers evaluate employees on legitimate, job related factors, and that reviews accurately reflect employee performance. Train managers on how to set appropriate performance goals and provide effective feedback.
- More turnover/transfer requests. Employees who feel they have a bad boss are more likely to quit or request a transfer to another department. monitor turnover and conduct exit interviews to find out why employees are leaving. Following a transfer request, ask the employee what prompted the request for a change. Additionally, look for ways employees can provide anonymous feedback about their supervisors, such as regular surveys or during the performance review process.
- They think they are above the rules. Managers need to set a good example. If they aren’t following basic rules and expectations (such as by coming to work late, leaving early, skipping training, arriving to meetings late, failing to return emails and phone calls), employees may follow suite.Hold managers accountable for following the rules and expectations you set for all employees.
- Allows “star” employees to break rules. While it is a good idea to reward high-performing employees, they should still be held to the same standards and rules. If employees see managers treating “star” employees leniently when they break the rules, it will likely breed a culture of mistrust, prevent employees from coming forward with complaints should they witness misconduct, and encourage others to break the rules. make sure managers enforce rules and policies consistently.
- Discipline is too soft or too hard. When deciding what form of discipline to take when an employee violates your performance or conduct standards, consider the severity of the offense, the employee’s past performance and conduct, and how you have treated employees in similar situations (to ensure consistency).
- Fails to keep adequate documentation. Without proper documentation of past performance and conduct, managers can put employers in a difficult position. Documentation can help support employment decisions and show that you provided the employee with an opportunity to improve. Hold managers accountable for thoroughly documenting all performance and conduct issues as well as disciplinary actions, including verbal warnings and counseling services.
- Their job offers keep getting rejected. There are many reasons that a candidate might decline a job offer., However, it is also possible that the candidate’s interactions with a bad manager during the hiring process could be the cause. Ensure that mangers are properly trained on the hiring process and that they’re putting their best foot forward.
- Always gives employees a hard time about taking time off. Various federal, state, and local laws prohibit employers from discouraging employees from taking leave to which they are entitled. Even if you offer the leave voluntarily, time off from work is important for employees to recharge and take care of personal responsibilities. Rarely should managers discourage employees from using the time they’ve earned.
All these problems above can be addressed with proper training, policies, and oversight. Make sure you devote the time and resources to making your managers successful. If you need any help with policies and procedures, give Bourke Accounting a call at 502-451-8773 as we can help with all aspects of your office. Come see us soon!
It appears that most people are paying off their credit card debt all wrong.
Let’s say you have multiple cards with balances and a set amount of money to pay them down. The surefire way to minimize interest payments is known as the Avalanche Method: make the minimum payment on all of your cards, and then “dedicate all of your remaining money” to the card with the highest interest. Easy Right? As it turns out, the overwhelming majority of people are not paying their cards off that way. A study in England of 1.4 million people with multiple cards found that only 10 percent devote their excess cash to their highest-interest card. By splitting payments evenly among their cards instead, many were “loosing hundreds of dollars” each year in interest payments. Researchers say card holders are distracted by their overall balance and simply chasing “the big numbers on their statements.”
Sadly, after the holiday season those balances likely grew. Many Americans began 2018 with a “nasty financial hangover” after accumulating an average of $1,054 in holiday-related debt; 5 percent of consumers even racked up more than $5,000. Paying a $25 minimum monthly payment on that newly acquired $1,054 means it would take until 2023 to pay down the balance – and you’d be coughing up $500 in interest over that time.
Worst still is the Fed is projecting three interest rate rises this year. Half of American households have credit card debt, with the average family paying $904 interest annually on a balance of more than $15,600. For those saddled with high interest payments, these rates rises mean the cost of credit is bound to go up.
If you are surveying the financial wreckage of another holiday season you’ll need to make a plan now. If you only owe on one card, consider transferring the balance to a low – or no-interest credit card, which could shave three to four months off the time it takes to repay your balance. More work is needed it you have multiple cards in arrears. Although experts extol the Avalanche Method, you could also consider the Snowball Method. Its proponents suggest you make minimum payment on all of your credit card debt except the one with the lowest balance. You then funnel all the money you can afford toward that card. Once it’s paid off, you shovel all toward the card with the next lowest balance. Whichever method you elect, make sure you do not add more debt…which is provably the most self evident.
At Bourke Accounting we all know what it is like to use credit cards, or pay your bills late…we know life is hard which is why we have no judgement and strive to create an environment where you can freely discuss all of your financial concerns. Call us today at 502-451-8773 or stop by for a visit. Looking forward to seeing you soon!
Every year, the week before Christmas I have a huge Christmas Party for our friends, families and co workers. Aside from the food – the big hit of the party are the games, and the favorite game is my version of the “trashy Santa swap.“ Other people (more refined) have called this game “Secret Santa”, “White Elephant Gift Swap,“ “Yankee Swap,” “Gift Grab,” and the obvious “Anonymous Gift Exchange.” I like it because I get to go thru my closets and get rid of things that I’ve had for years, like the thigh master, old play-dough, the bent frying pan that drive you crazy on the stove, and any left over boxes of girl scout cookies that my neighbors always know I buy.
But for those of you that don’t go to the “trashy Santa swaps” what are you to do with those unwanted gifts….
Did you know that when it comes to unwanted holiday gifts most of you chose to politely keep them. About $16 billion was wasted on unwanted gifts in 2017. We all know that returning or exchanging anything is a dreaded task, particularly without a receipt. So I say the best way to get the most out of an unwanted gift is to re gift it. But as a tax professional I also must advise that donating your unwanted gifts to some local charities can offer a tax benefit.
Did you know that Americans spend $130 billion on gift cards each year,$1 billion of which goes unspent. If there’s a gift card sitting in your sock drawer, consider selling it to Cardpool.com, which typically pays 75 to 90 percent of value. Another option: List your card on Raise.com, which will sell it to another consumer and them send the payment to you, minus a commission. OR how about exchanging it? Are you a Target shopper? Most Target locations let customer trade in gift cards from other retailers for a Target card of nearly the same value. Check Target.com to see, which brands are accepted. And once again as a tax professional I need to tell you you can donate it, but if you are uncomfortable with that idea you can give it to CharityGiftCertificates.org as they let you choose from more than 1,000 charities that accept gift cards.
I’ve given you much to ponder as your unwanted gifts may or may not tumble out of your closet. Either way come visit us at Bourke Accounting or call us today at 502-451-8773 as we love to hear your “trashy Santa swap” stories. See you soon!
With the onset of The Tax Cuts and Jobs Act we get many questions about how the tax changes effect your financial situation, AND the IRS gets plenty of questions as well, though they are slowly giving us the answers. (insert smiley here) Here are some recent questions they are asked (and answers) re the new withholding tables.
Q: Why are these changes being made?
A: The new withholding tables are needed to reflect the changes in tax rates and tax brackets, increased standard deduction and repeal of personal exemptions that were included in the new tax reform law signed in December. The withholding guidance issued today is for employers to make changes to their payroll systems and is designed to work with existing W-4s that employees have on file.
Q: How soon will people see the changes in their paychecks?
A: Employees should begin to see withholding changes in their checks in February. The exact timing depends on when their employer can make thew change and how often they are paid. It typically takes payroll providers and employers about a month to update withholding changes on their systems.
Q: Will employees need to take any action to get the new withholding rates?
A: No, Payroll changes required each year are made by employers and their payroll providers, so employees are not required to take any extra steps. However, employees should review their withholding to make sure that it is accurate. IRS will be releasing a new calculator and Form W-4 soon, to help ensure withholding is accurate.
Q: What is a withholding table?
A: A withholding table shows payroll service providers and employers how much tax to withhold from paychecks, given each employee’s wages, marital status, and the number of withholding allowances they claim.
Q: Will people need to fill out a new W-4 for right now?
A: No, the new withholding tables are designed to minimize taxpayer burden as much as possible and will work with the Forms W-4 that workers have already filed with their employers to claim withholding allowances. The IRS is working on revising the Form W-4 to more fully reflect the new law and provide taxpayers information to determine whether they need to adjust their withholding.
If you have any questions on your withholding in relation to your tax return, let Bourke Accounting help you. Give us a call today at 502-451-8773 or come by for a visit. See you soon!
After making significant progress in combating identity theft aimed at individuals, the IRS is shifting its focus to business identity theft. At a recent Nationwide Tax Forum, IRS Commissioner John Koskinen indicated that over 10,000 fraudulent business tax returns were filed by criminals during the 2017 filing seasons (up from 4,000 in 2016). This is largely due to the increasing number of cyber attacks aimed at tax professionals to steal taxpayer information and file fraudulent tax returns. The IRS continues to warn practitioners to protect their client data and themselves.
As a result of the steady increase in email scams and cyber attacks, the Security Summit – a group that includes the IRS, State Tax Authorities and Tax Industry Firms – has launched awareness campaigns. The “Don’t take the Bait” campaign encourages -practitioners to increase their computer security and be cautious when opening email attachments. This includes establishing policies and training staff to understand and adhere to them.
The IRS plans to take a greater role in combating business identity theft. The agency, for example, will soon be asking practitioners to gather more information on their business clients. For 2017 business returns filed in 2018, tax preparation software will require the following information: the name and Social Security number of the company individual authorized to sign the return; estimated tax payment history; parent company information; additional information based on deductions claimed; and filing history for the company’s other business-related tax forms, such as 940 and 941. Although this may create a little more work for the practitioner, providing the additional information will help the IRS spot fraudulent returns.
At Bourke Accounting we have state of the art software that upgrades continually and protection on every computer and smart phone. We have implemented polices and procedures that the IRS requires of tax and bookkeeping offices and feel confident of our security status. So come on in and let’s work on making your financial life secure as well. Call us today at 502-451-8773, or stop by for a visit. See you soon!
Severe flu season is here!
Cases of flu are already on the rise across the U.S., and health officials warn the worst is yet to come. The Centers for Disease Control and Prevention reports that symptoms associated with the seasonal virus are currently wingspread in 36 states across the country. Lab tests have shown that the dominant virus in circulation is the H3H2 influenza strain, which tends to cause more severe illness than other strains. And new research has shown that the main process for manufacturing the flu vaccine triggers mutations in H3H2 that render the antibody stimulant less effective. “The mutation just happened to be in a very bad spot on the virus to make it essentially be a mismatch for the vaccine,” explains the director of the National Institute of Allergy and Infectious Diseases. The combination of factors doesn’t bode well for the flu season in the coming months; the vaccine may prevent only about 10 percent of infections. But health officials are still urging Americans to get a flu shot, arguing that some protection is better than none.
At Bourke Accounting we are aware of infections in tax law and are here to help you maneuver thru any issues that may come up. Give us a call today at 502451-8773 and stop in so we can help. See you soon!
A group of grocery store employees teamed up for a very special delivery over the holidays – helping a customer give birth when she unexpectedly went into labor at their Fresno, California shop. After hearing the customer cry out in pain, two workers got down on the floor with the pregnant woman to help deliver her child. The butcher caught the baby in his apron, while the store owner cut the umbilical cord from around the baby’s neck. They said it happened in seconds and it was an example of total teamwork.
When an 8-year-old boy fell into a frozen pond, a Utah police officer dove right in to save him. The police officer was the first to arrive on the scene after the boy plunged into the freezing water. The officer was a trained rescue driver and wasted no time using his own body weight to break through the ice. Once in, he waded in frigid water up to his neck until he felt the boy and pulled him out. The officer didn’t think twice as he had made the decision to go in and get the boy. The boy spent several days recovering in the hospital and is now back home.
Often times when we feel the world is out to get us we need to hear stories like that and it can, sometimes, make us feel better about our circumstances. At Bourke Accounting we try to ease that financial worry about tax issues (or your business) by being there to work through whatever your financial needs may be…come in and see us, or give us a call at 502-451-8773. You work hard for your money, let us work smart to help you keep it!
Although new federal income tax tables and rates will take effect on January 1, there may be a delay in release of withholding tax guidance from the U.S Treasury Department for employers. In the meantime, the Internal Revenue Service (IRS) has explained that employers may use existing (2017) withholding tax tables and guidance until new guidance is released. According to a notice dated December 3, 2017, the IRS “anticipates issuing the initial withholding guidance (Notice 1036) in January reflecting the new legislation, which would allow taxpayers to begin seeing the benefits closely with the nation’s payroll and tax professional community during this process.”
The Act authorizes the Treasury Department to permit employers to apply existing wage withholding to rules and calculations throughout 2018, although this seems unlikely. According to H.R. 1 and the conference report:
“…the Secretary (of the Treasury) may administer the withholding rules under Section 3402 for taxable years beginning before January 1, 2019, without regard to the amendments made under this provision. Thus, at the Secretary’s discretion, wage withholding rules may remain the same as under present law for 2018.”
However, to avoid adversely affecting taxpayers, Treasury is likely to issue guidance as soon as possible, to align employer wage withholding calculations with the new income tax rates which will take effect on January 1, 2018.
Did you know at Bourke Accounting we process all types of payroll, even out of the country employers ? Let us help you! Give us a call at 502-451-8773 and come by for a visit. See you soon!
Always, at the beginning of the year we give our employees a new W-4 so that we can withhold the correct amount of tax from their payroll checks. Life changes ( a marriage, a child or two) can create a need to update your W-4, but with the tax code changing as of January 1, 2018 many forms are changing as well.
H.R.1 repeals the deduction for personal exemptions, which for 2017 is $4,050 per individual (i.e., employee, spouse, dependents). The number of personal exemptions is currently a key factor in withholding calculations. Employees establish withholding allowances on Form W-4 based in part on the number of personal exemptions that they expect to report on their income tax returns. Withholding allowances may also be claimed based on estimated itemized deductions, such as for mortgage interest, so the concept of withholding allowances may not be entirely eliminated.
Stay tuned as Bourke Accounting is on top of all the tax law changes and the forms you need to make your financial life work for you. Give us a call today at 502-451-8773 or come by for a visit so we can help you out. See you soon!
It is the first day back from our holiday and a New Year! But instead of jumping right into tax talk, I thought we can have some blogging fun. SO, Did You Know…
Dog Vision: Scientist think that dog vision in a similar way as a person who has red-green color blindness. Also, dogs can see better than people when the lighting is dim.
Bug Cloud: Albuquerque, New Mexico (US), experienced an invasion of locusts a few years ago. The clouds of the pests were so thick that they could be seen on the radar of the National Weather Service.
Dangerous Angel: While many poisonous mushrooms simply cause a brief sickness, that’s not the case for Amanita virosa, know as “destroying angel.” Found in forests and even lawns, ingesting even half the mushroom’s cap is fatal to adult humans.
Fatty Fruit: The only fruit containing fat (monounsaturated) is the avocado. Native to Mexico and South America, they are sometimes called alligator pears. Avocados ripen after they are picked.
Sandy Place: Fraser Island, off the coast of Queensland near Brisbane, Australia, is dubbed as the world’s largest sand island. The sand has been collecting on this 123-kilometer (76-mile) stretch of land for more than 700,000 years.
Big Jump: When Englishman Verdun Hayes became a centenarian, he decided to have a little fun, so he jumped out of an airplane. He was attached to a parachute, of course, and had an experienced skydiver with him as a tandem jumper. The 15,000 foot jump took place near Devon, England. Hayes is a World War II, D-Day Veteran who likes to support other vets, so he used the jump to raise money for the Royal British Legion. Three generations of his family jumped for the same cause.
Pony Racer: A cycling race called Tour of Poland had more than just two-wheeled participants in its 2017 edition. it seems that a pony, which escaped from its nearby home, joined the cyclists during the sixth segment of the race. The frisky animal galloped alongside the racers for about a minute. At that point, Roman Maikin, a racer from Russia, managed to steer the pony to the side of the road. The Tour of Poland got its start in 1928 and covers about 1,200 kilometers (746 miles).
We love trivia here at Bourke Accounting, if you have some trivia to share let us know and we can add it into our blogs. Meanwhile, let us know if there is anything we can help you with re your tax and accounting needs; give us a call at 502-451-8773 or stop by with some trivia to share. See you soon!