The IRS recently ended Good Faith Transitional Relief for inaccurate or incomplete Affordable Care Act (ACA) reporting beginning tax year 2021. Translation: you could soon be facing increased penalties for ACA non-compliance. At the same time, the agency is facing funding and staffing issues and a massive pandemic-related backlog of paperwork. So, if you are…
When the pandemic first hit the US and business as usual came to a screeching halt, unemployment soared to extreme levels. Suddenly, a significant part of the population was relying on increased unemployment benefits and for longer than the typical 26 weeks. That extra money had to come from somewhere. And it came, and went,…
Note: reposted from RecruitingDaily’s Use Case Podcast In episode 162 of the Use Case Podcast from Recruiting Daily, host William Tincup speaks to our own Jeremy Bilsky about how staffing firm owners make the business case or the use case for purchasing Advance Partners services. The conversation provides a great introduction to what we do…
Note: originally posted on Staffing Hub While the U.S. economic rebound has had its up and downs, the staffing industry continues to grow at a moderate pace. Staffing Industry Analysts predicts the staffing industry will grow 2.4% in 2024 to reach an industry value of $216.9 billion. There are many, many opportunities for staffing firms…
The phone finally stopped ringing, giving Brittney Hays a moment to breathe and reflect. Following a grueling year of pandemic-related starts and stops, business at her Tacoma, Washington, staffing firm was booming. Placements were up 230% in a matter of weeks with no sign of slowing down. Hays, the owner of South Sound Staffing, is…
If you’re contemplating a merger or acquisition as a way to supercharge your growth in 2021, it’s important to tread carefully, now more than ever. M&A activity is clearly on the upswing from staffing firm owners looking to take fast advantage of the emerging post-pandemic economy. While last year saw an understandable decline, 2021 has…
Workers’ compensation is foundational to the profitability and operational stability of staffing firms. The risks are both financial and operational: misclassification can spike premiums, delayed claim handling can escalate costs, and audit surprises can crush cash flow. These issues affect both new founders and experienced owners alike. To answer common, real-world questions, we spoke with…
What is Financial Sustainability? At Advance, we define financial sustainability as the ability to start, grow and maintain your staffing business with short- and long-term financial stability. It is amazing how many otherwise savvy staffing operators rely solely on their sales or HR skills to grow their business, and don’t really understand where they are…
Quick Summary: This article outlines how staffing firms should respond to SUI unemployment claims, including documentation, appeals, common claim triggers, and strategies to reduce tax liabilities. How Staffing Firms Should Respond to an SUI Unemployment Claim Staffing unemployment claims are a recurring cost driver in the staffing industry. Mishandling them can directly impact margins, compliance,…
Tax season is here again, which means it’s time to start thinking about tax forms and employee classifications. With the IRS cracking down on small businesses and increasing consequences for incorrect tax return filing, it is more important than ever that you understand the dos and don’ts so you don’t end up paying harsh penalties…
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