If you are audited by the IRS, you could be liable for Social Security and Medicare taxes and withheld income tax if you do not deduct and withhold them because you treat an employee as a nonemployee. This would include yourself if you are a corporate officer.
You may also be liable for a trust fund recovery penalty. Here, “ Take 2 aspirin” — you may be heading for a BIG HEADACHE if you do this and the IRS finds you. And they do!
Because an officer of a corporation is generally an employee with wages subject to withholding taxes, as a corporate officer you may wonder what is considered “reasonable” compensation for the efforts you are contributing to the operation of your trade or business. Wages paid to you as an officer of a corporation should generally be commensurate with your duties.
The IRS defines “reasonable compensation” as the amount of money that would ordinarily be paid for like services by like organizations in like circumstances. It considers both the reasonableness of the total amount paid and the nature of the services being rendered.
The Good News . . . No More Headaches for Y-O-U
Distributor Tax Service can process your payroll, file and pay all payroll taxes, and issue W-2’s for you. You simply approve the payroll each week (this takes 60 seconds) and you are done! No waiting on your payroll tax reports to be prepared or scheduling tax payments. The gross wages and employer taxes are deducted when running the payroll so you don’t have to budget for them to be paid at a later date.
To learn more about this great service, please contact us at 205 621-1770 click the link below. This is available for DSD Insurance business clients.
Learn more here.
DSD Insurance is pleased to announce our New Online Account Access service.
We’re offering you an enhanced customer service experience by introducing new online service options.
With Online Account Access you get secure access to your insurance information, online, anytime and from anywhere — however you like — from your computer or mobile device. These services are available to you without charge — i.e. “no additional cost”. Why? Because we value your business and want to keep you happy.
This new program provides you a variety of added services, including:
- View and reprint automobile ID cards
- View critical policy information
- Request policy changes online
- Access your agent’s direct contact information
- Review and download account documents
- Obtain a certificate of insurance (commercial accounts only)
- Report claims online with the option to upload pictures and related claims documentation
- Receive documented confirmation of all account activity online
- Access the information and service you need, when you need it, no matter where you are.
To learn more about this great service and setup access, contact us at 205 621-1770 or click here.
We’re making our communications FASTER and EASIER for you. Our new, DIRECT TEXT number is (938) 839-5245.
Please feel free to reach out at any time!
To text DSD . . . USE THIS NUMBER: (938) 839-5245
In fact, let’s do it one better. Do this . . .
1. OPEN your phone’s “Contacts”
2. SEARCH For “DSD Insurance”
3. ENTER and/or UPDATE DSD Insurance in your “Contacts” as follows:
- DSD Insurance
- TEL: 866-621-1770
- TEXT: 938-839-5245
4. TAG us with “BUSINESS INSURANCE” in your phone’s contacts.
Notify Us Of Changes To Prevent An Uninsured Loss
Any changes that could affect your insurance policy or coverage should be discussed with your agent. Examples of changes that you should report immediately to us to ensure your coverage is both adequate and accurate include:
- Mailing address change? text us at: 938-839-5245
- Got a new email or phone number? text us at: 938-839-5245
- Adding additional locations? text us at: 938-839-5245
- Filing a Claim or having trouble with a claim? text us at: 938-839-5245
- Expanding your operations or territories? text us at: 938-839-5245
- Changes in operations , products or services you offer? text us at: 938-839-5245
- FEIN change? text us at: 938-839-5245
- Legal change in entity (Sole Proprietor to Inc., LLC, PC etc.)? text us at: 938-839-5245
- Adding or removing a vehicle from service? text us at: 938-839-5245
- Adding or removing a New Driver? text us at: 938-839-5245
- Adding New equipment or other business property? text us at: 938-839-5245
We’ll get right back to you and make sure you’re ALL SET! Why? ANY change you make, no matter how small can cause you to lose valuable coverage you do NOT want to lose. Or, you to pay a higher premium for your coverage than is necessary for the kind and quality of coverage you want.
Any questions about keeping your coverage adequate and competitively priced? text us at: 938-839-5245.
It’s easy to get caught up in the technical—and often complicated—aspects of safety and lose sight of the big picture. Rules and regulations are important, but they can never replace sound judgment and clear thinking when it comes to creating a culture of safety.
“What if” is the key question to ask when faced with any choice. This is applicable to creating a culture of safety in your company and creating a healthy atmosphere in your home.
- What if this tool fails?
- What if I slip?
- What if it’s not locked out?
- What if that person does something unexpected?
- What if I don’t speak up?
- What if my employees (or family members) don’t know what I assume they should know?
- What if things don’t go as I expect them to?
- What if I don’t do this?
In other words, will I be okay with the results if the unanticipated happens?
Average employees focus on finishing a job quickly on time and on budget. Exceptional employees engage their analytical nature. They think about the work to be done, focus on properly completing the work, and then think about the work they just completed.
The best managers and leaders extend this thoughtful analysis to the work of their employees, providing feedback for encouragement or improvement.
How does cycle this relate to health and safety issues? It means going beyond the letter of the law when it comes to safety rules and regulations, engaging the mind to understand the purpose of safety standards, anticipating potential unexpected consequences, and creating a workplace where there are no regrets.
To learn more about creating a safety and health program in your company, contact DSD Insurance at 205 621-1770
Every employee has the same expectation: To go home safely every day.
Many employees, however, have differing perspectives about how that will be accomplished. Many see safety as an
add-on, with a focus on punishing those who fail to follow their company’s safety rules. Others see it as a waste of
time: After years of working at the same job, they are confident in their ability to do their job the right way, and they
are resistant to outside opinions and advice. These differences are based on employees’ worldview, a combination of
their experiences and philosophy of life.
Employers need to help employees see safety in a different way. Instead of seeing safety as an add-on or an
enforcement-driven program, try to create a mindset of employees respecting themselves and others.
In a nutshell: personal responsibility.
All employees have goals and dreams for their lives that require a healthy and functioning body. All employees want
to work for a company that is thriving. Achieving these goals can only be accomplished in a safe workplace, and
that takes a team effort. It means:
• Looking out for each other
• Operating within the Occupational Safety and Health Administration (OSHA) rules and guidelines
• Identifying behaviors that keep employees safe
Safety isn’t about rules. It’s about keeping people healthy. It’s about helping the company succeed. And it’s about
taking personal responsibility for our actions.
When everyone takes responsibility for complying with safety regulations, the need for enforcement disappears.
To learn more about creating a safety and health program in your company, contact us at 205 903-9771
DSD Insurance is proud to be an Acrisure Agency Partner, making us an essential member of one of the top 10 insurance brokerages in the world and the fastest-growing in industry history.
Acrisure seeks to be the most tech-enabled insurance brokerage in the world, providing a broad array of commercial property and casualty, personal lines and employee benefits solutions informed by industry-leading technology and distributed through its global network of Agency Partners. The company has over $2 billion in revenue and is 85% employee-owned. The Agency Partners have significant local autonomy which keeps product and service decisions at the customer level. Acrisure is driven by the pursuit of limitless growth through exceptional partnerships. Find out more at www.acrisure.com