Welcome to Sector Insights... giving executives and families of dynamic, privately-held companies the latest tax, business and financial news affecting their world... and ultimately, their success.

POPULAR BUSINESS TAX CREDIT MAY BECOME PERMANENT
( via Financial Regulation News) - A bipartisan group of senators has introduced legislation to make permanent the Work Opportunity Tax Credit, a tax break that encourages companies to hire veterans, people with disabilities and other groups who face barriers to employment, before it expires at the end of this year.

The WOTC offers an employer tax credit of between $1,200 and $9,600 per employee for hiring and retaining employees who are members of populations that traditionally have a hard time finding work, or are often out of the labor force altogether. 
 

YOUR INVESTORS HAVE PROMISED MORE MONEY IN THE FUTURE. GREAT, BUT...
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( via RBF Knowledge Center) - Congratulations! You've received some funding from your investors and, as an added bonus, they've promised (in writing, no less) that you will receive more of their money if you achieve certain operational goals.

Ok, that part is not so easy, but you have faith in your colleagues at work. All you must do is keep good track of the money and have good financial and operational controls. Unfortunately, you have some accounting homework to do, too.
 

IRS WAIVES TAX PENALTIES FOR SOME PARTNERSHIPS
( via IRS.gov) - The Internal Revenue Service last month issued a notice waiving tax penalties for certain partnerships that file K-1 schedules which fail to report information about the partners' negative tax basis capital accounts for the partnerships' 2018 tax year.

Certain partnerships complained to the IRS that they would not be able to provide that information with this year's K-1s, at least not without delaying the issuance of K-1s to shareholders significantly.  In response to these complaints, the IRS in Notice 2019-20 provided a temporary tax penalty reprieve to such partnerships. 


STUDY: THE ONE EMPLOYEE BENEFIT WORKERS WANT MOST
( via Quartz.com) - The quest to keep employees happy has spurred some employers to take a trend-chasing approach to perks, making cupcakes, kombucha and onsite CrossFit classes the latest must-haves.

But according to a recent MetLife Employee Benefits Trends Study, which surveyed 2,600 full-time US workers, the most desired "emerging benefit" is unlimited paid time off. In fact, 72% of respondents put that perk ahead of wellness plans, phased retirement programs, paid sabbaticals, and subsidized on-site services, like hair salons, dry cleaners, and restaurants. 
  

SIX DRIVERS FOR BUILDING A SUCCESSFUL TEAM
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(via The New York Times) - If you ask top executives about their leadership style, you'll likely hear a number of them say, "I hire the best people and get out of their way."

But managing a team is not that simple. Leaders have to play a far more hands-on role to make sure the group works well together and remains focused on the right priorities. Here are the six main drivers for creating a strong culture of teamwork that, if done well, have an outsize impact. And the insights are applicable to any organization, from five people to 500,000.



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