Rent Growth Returns to Pre-Pandemic Levels in May
Multifamily rents rose by 2.5% year over year in May, according to the latest Yardi Matrix Multifamily National Report—almost exactly matching the rent growth rate in March 2020, when the COVID-19 pandemic took hold. This is the first time since March 2020 that rent growth has returned to pre-pandemic rates at the national level; a […]
Joining the Automation Nation: Evolving Toward Remote Self-Storage Management
Last year was unprecedented for many self-storage businesses. COVID-19 forced operators of all sizes to implement new procedures to ensure employee and customer safety. Many leaned on technology to adhere to local requirements and stay open, including tools that allowed for remote management. It’ll be interesting to see if operators go back to “business as […]
MIOSHA Rescinds COVID-19 Emergency Workplace Rules
On Tuesday, 6/22/21, the Michigan Occupational Safety and Health Administration (MIOSHA) officially rescinded the existing COVID-19 Emergency Workplace Rules. The rules were replaced with a new standard for health care employers that is in alignment with the federal OSHA Emergency standard for health care settings. Because the COVID-19 rules were rescinded, decisions regarding the following […]
Plan For Emergency Action
Industry leaders are highly trained to recognize hazards and evaluate various levels of risk to anticipate negative outcomes and establish mitigation. No matter how thorough your plan, it’s always possible that unrecognized hazardous conditions exist that might delay an emergency response. To minimize the impact these unseen deficiencies might have on your overall response, start […]
Michigan to offer a 2-year, debt-free manufacturing degree program
Students interested in the manufacturing field will be able to earn a two year, debt-free degree following the launch of a new program in Jackson. The program is Michigan’s first Federation for Advanced Manufacturing Education (FAME) program and was launched through a collaboration of the Jackson Area Manufacturers Association (JAMA) and MICHauto, an initiative to […]
Eligible Businesses: Claim the Employee Retention Tax Credit
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA). Originally, the ERTC applied to wages paid after March 12, 2020, and before Jan. 1, 2021. Congress later modified and extended the ERTC to apply to wages paid before July 1, 2021. The ARPA again extended and modified the ERTC to apply to wages paid after June 30, 2021, and before Jan. 1, 2022. The maximum ERTC available is generally $7,000 per employee per calendar quarter or $28,000 per employee in 2021. Other modifications have also been made that may be beneficial to your business. Contact us if you have questions about your business claiming the ERTC.
Are you a nonworking spouse? You may still be able to contribute to an IRA
Married couples may not be able to save as much as they need for retirement when one spouse doesn’t work outside the home. An IRA contribution is generally only allowed if you earn compensation. But an exception exists. A spousal IRA allows a contribution for a nonworking spouse. For 2021, a couple can contribute $6,000 to an IRA for a nonworking spouse ($7,000 if the spouse will be 50 by the end of the year). However, if in 2021, the working spouse is an active participant in an employer retirement plan, a deductible contribution can be made to the IRA of the nonparticipant spouse only if the couple’s adjusted gross income doesn’t exceed a certain threshold. Contact us for more details.
Critical path method can propel IT projects
For many businesses, IT projects look good on paper but get bogged down in “scope creep,” missed deadlines and disagreements. One potential solution is critical path method (CPM), a scheduling technique used to calculate a project’s duration and illustrate how schedules are affected when variables change. It identifies the “critical path,” which is the most efficient sequence of scheduled activities that drives a project to completion. Typically, CPM involves creating a flow chart showing the “activity sequence” and calculating the project timeline. Dedicated CPM software can be used for larger, more complex projects. Contact us for help keeping your IT projects on time and within budget.
Are your company’s job descriptions pulling their weight?
Outdated, vague or inaccurate job descriptions can lead to longer hiring times, bad hires, workplace conflicts and even legal exposure. For these reasons, business owners should regularly ask themselves: Are our job descriptions pulling their weight? Conduct a review to determine whether yours are current and comprehensive. As necessary, revise wording to better summarize the duties and responsibilities of a position as it exists today. Use your updated job descriptions to increase organizational efficiency in areas such as recruiting, compensation, workload distribution, cross-training and performance management. Ensure yours are actively contributing to your company’s success.
Traveling for business again? What can you deduct?
As we continue to come out of the pandemic, you may be traveling again for business. There are a number of rules for deducting your out-of-town business travel expenses within the U.S. These rules apply if the business reasonably requires an overnight stay. The actual costs of travel (plane fare, cabs, etc.) are deductible for out-of-town business trips. You’re also allowed to deduct the cost of lodging. For 2021 and 2022, the law allows a 100% deduction for food and beverages provided by a restaurant. If a trip is a combined business/pleasure trip, only the cost of meals, lodging, etc., incurred for the business days are deductible (not those incurred for personal vacation days).
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