Moneylines: News Briefs for Businesses

How are your workers feeling?

Not so good, say the results of the Thomson Reuters Workforce Wellness Index, released earlier this year. The information specialists used six behavioral risk factors to assess the collective health of U.S. workers with employer-sponsored health care insurance from 2005 to 2009. The index found that there was an overall decline in employee health during that time, and unhealthy behaviors were costing employers, on average, $670 per worker annually. Don’t forget to promote wellness while keeping your employees informed about your health care plan’s offerings.

The IRS is doing more audits — especially of the wealthy

As a business owner or executive, your odds of getting audited could depend on your compensation level. The 2010 IRS Data Book indicates that the agency audited 18.4% of very wealthy taxpayers (incomes exceeding $10 million) in 2010 compared with 10.6% in 2009. Audits of taxpayers with incomes between $5 million and $10 million rose a whopping 55% from the number of such audits in 2009. Overall, there was an uptick of about 11% in audits in 2010. Whatever your income level, be sure to approach personal tax planning with as much care as you take with business planning.

Owners of midsize businesses went into the year optimistic

How is your 2011 progressing? A number of business owners were expecting good things from this calendar year. Specifically, of 527 managers of midsize (between $50 million and $1 billion in revenue) companies surveyed by Deloitte earlier this year, approximately 80% predicted revenue and profit growth. Almost 70% planned to hire new employees. Check your company’s growth projections and see whether you need to make a big push this fall to accomplish your objectives.

Please contact Feeley & Driscoll's Boston Accounting team by Email or call us at 1 (888) 875-9770.

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