Employee motivation is a very significant tool to push companys progress by instilling enthusiasm in employees. In this increasing business competition, all companies wish to drive their employees with high level of energy and commitment that is keenly required for success.
There are many methods and theories implied for motivating employees. Every individual in the company is different and hence different theories are applicable to different employees. But one strategy of a positive work environment is basic for all as people thrive to work in organizations that offer a positive, safe, and secure work environment. Apart from this there are endless blends of employee benefits and add-ins like health care, profit margins, stock ownership, life insurance, usage of companys facilities, and many more to keep them motivated.
Some prevalent strategies striving to improve employee performance in global business environment are empowerment, innovation, learning, monetary incentives, and excellent quality of life. Empowerment is giving more responsibility and decision-making authority that will help them to improve task accomplishment. They should be given the freedom to express their creativity and ideas to the management so that they feel the sense of belonging. They should also be given training at regular intervals so that they get to have a better understanding and knowledge of the business. Acquisition of knowledge and new ways of performing task can be put for better work performance. Monetary incentives in the form of cash rewards and cash discounts on variety of products also push employees performance.
There are even better theories and strategies for motivation. Whatever the theory be, if the 3 golden rules of employee motivation are kept into mind, nothing can stop the growth of the employees as well as the organization. The three golden rules for motivating employees are as follows:
1.A worker should feel the sense of belonging. He or she should feel responsible for accomplishing any specified task.
2.The work should be performed in a way that when it is accomplished he or she should be aware that his or her contributions are meaningful.
3.In return the worker should get recognition and acclamation as this drives the inner spirit of any worker, pushing the companys growth to newer heights.
As more tax revenue is sought to alleviate the growing US government budget deficit, the IRS is working to assure reporting of income from all sources-including miscellaneous income. Expanded requirements are in place for reporting of paid amounts on Form 1099. In addition, the IRS requires tax professionals to follow ethical standards for helping taxpayers identify and report all sources of income. Enrolled agent continuing education requirements include an enrolled agent ethics course.
The fiscal deficits of state governments are also leading to increased scrutiny of income by state tax collection agencies. In addition to requirements for California tax preparers to guide taxpayers toward accurate income reporting, other states are initiating registration of tax preparers. Tax continuing education requirements in most of these states is similar to coursework for CA enrolled agents.
Many taxpayers neglect to account for income from miscellaneous sources, such as side jobs, bartered exchanges, gambling, contest winnings, prizes, and awards. Income from all of these sources is taxable. Such income is subject to income tax for US citizens even when earned in another country. It usually incurs state income tax for the state in which it’s earned.
Many types of income from odd jobs are not reported on Form 1099, usually because the amount paid by any single source is less than $600. This includes fees received for babysitting, lawn care, house cleaning, and repair services. All of these amounts are reportable by the recipient as self-employment income. The only exception is for recipients with income that’s too low to require filing a tax return. Ordinary and necessary expenses incurred to generate the income are deductible before calculating the tax liability. Self-employment tax is also assessed on this income.
Even when no money changes hands, income may be reportable. This occurs when property is exchanged for services in a barter arrangement. In such cases, the fair market value of the goods-or services-obtained in the exchange are taxable income.
Gambling winnings are taxable as miscellaneous income. This includes amounts received from casinos and racetracks plus winnings from lotteries, raffles, and tournaments. The full amount received is reported as income. Taxpayers who itemize deductions and have accurate records may deduct gambling losses up to the amount of gambling winnings.
In most cases, an amount received as a prize or award is miscellaneous taxable income. This includes cash prizes and the fair market value of any merchandise or products awarded.
These sources of income can have substantial effects on tax liability. Penalties apply when an insufficient amount of tax liability is paid through either withholding or quarterly estimated tax payments. This requires taxpayers with miscellaneous income to anticipate the tax consequences as well as accurately report final results. Enrolled agent continuing education provides the knowledge to help taxpayers address these matters.