The Gulf Opportunity Zone Act of 2005 (GO Zone Act) established employee incentives and other benefits that area employers may want to check into now, before they expire. The Katrina Emergency Tax Relief Act of 2005 (KETRA) provided a new targeted group, which is "Hurricane Katrina employees." This group consists of individuals whose "principal abode" as of Aug. 28, 2005, was in the core disaster area. The credit against the employer's federal income taxes is equal to 40% of the first $6,000 of wages paid to each qualifying employee.

If the employer is located outside the core disaster area, they must have hired the qualifying employee by Dec. 31, 2005. If the employer is located within the core disaster area, they will have two years from Aug. 28, 2005, to hire a Hurricane Katrina employee and qualify for the credit.

Full details are available http://gozoneguide.com describing benefits, eligibility, and how to apply, or review just a few of the examples below:

· Louisiana Enterprise Zone Program
Provides tax credits and rebates including a $2,500 tax credit for each net new permanent job created during the first five years of operation and a rebate of the state's 4% sales/use tax on the materials, machinery, and equipment purchased during the construction period and used exclusively on site.

· Tax Credits for Employers
The GO Zone Act extends many of the provisions in KETRA to the Rita GO Zone, including the new Employee Retention Tax Credit and KETRA's enhancement of the Work Opportunity Tax Credit. And while the primary emphasis of KETRA was on tax relief for individuals, Congress recognized that the individual tax relief would be beneficial to many small businesses, whose owners were turning to personal savings and credit in an effort to help workers and save their businesses.

· Personal Casualty Losses
Because of limitations, most taxpayers have not been able to fully claim personal casualty losses as an itemized deduction on their individual income tax returns. KETRA changed this by removing two limitations on any losses that arose from hurricanes Katrina, Wilma or Rita on or after Aug. 24, 2005, in the disaster area. Since this was a presidentially declared disaster, casualty losses incurred after Aug. 25, 2005, can be reported on either the 2005 individual return or the taxpayer can elect to report the loss in the year immediately preceding the taxable year, 2004.

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There’s a constant need for high-quality employees in today’s fast-paced business environment. Employers generally seek the most qualified individual for any available position, but they don’t always know where to look. Sure, the college degree and relative experience look good on an applicant’s resume, however, outgoing personality, professional appearance and positive attitude are impossible to determine on paper.

Frazee Recruiting Consultants currently has pre-screened, professional, highly-qualified individuals ready for your business! The perfect match for your open position may be just a phone call away! Contact one of our friendly recruiters at (225) 231-7880 for available talent or additional info.

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The holidays just seem to come up faster every year. Thanksgiving and Christmas can be hectic for employers as well as employees. The year end may bring a sharp increase in business, or signal the beginning of a new product line or service. Additionally, scheduling can become difficult when last minute vacation time is requested. Between the excitement of family, shopping and travel it’s easy to lose track of our regular responsibilities and expectations.

If you haven’t already started your holiday planning it’s not too late, but don’t delay any further. Use the beginning of November to plan out your next two months including business holidays, reduced hours, manpower needs and employee vacations. And, employees, always remember to give your supervisor sufficient notice when planning your time off!

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Timesheets are necessary to efficiently track all time worked. The employee’s signature confirms that he or she completed the timesheet to reflect exactly how and when they worked. The supervisor is then required to review the employee’s timesheet and approve it with their signature. When a completed timesheet is submitted to the payroll department, it is assumed that no changes were made to the document. If an employee alters a timesheet to reflect incorrect time worked, the individual has then committed timesheet fraud (also known as payroll fraud). This criminal act negatively impacts both the employer and the employee. Any individual that commits timesheet fraud will be terminated immediately, but could also be arrested, fined and jailed.

The employer could also seek repayment of all fraudulently obtained wages, plus additional fees and compensation, by filing a legal suit against the employee. Timesheet fraud is not tolerated and could be punishable up to the fullest extent of the law, at the employer’s discretion. We encourage all employees to be honest when completing their timesheets. We also suggest that employers protect themselves by closely reviewing all timesheets prior to approval, and only allow the authorized supervisor to submit them.

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