All posts by Jess Marin

Your Workforce-The Next Generation

Ever wonder what it will take for your business to hire and retain the best employees? Are you having trouble understanding the new generation of workers? As a Millennial myself, I hope to bridge the gap to better understand the upcoming workforce.

There seems to be no rush to get to where Millennials are heading in life. Many wait longer to get married, have children and though highly educated, even wait longer to find a career. Employers should not be surprised that the newly graduated twenty-two-year-old does not know where they want to be in five or ten years from now. The motivation for many millennials is to discover and fulfill their passion rather than to earn a higher salary. Don’t get me wrong, money is a factor in seeking the best job, but it is certainly not the number one determinate. How should employers make the most of this generation? Open up the lines of communication, support flexibility and allow employees to discover their passion, both inside and outside work.

Communication and feedback on a timely basis is crucial. Millennials have grown up with instant gratification and answers at their fingertips. Waiting for a yearly evaluation just won’t cut it. Most prefer to know how they are performing at the end of a specific task or function. This will allow them to turn constructive criticism into positive changes along the way. What could this look like? Quarterly meetings with a mentor in management is a great way to start.

Flexibility is the second key to happiness for Millennials. Allow millennials to have say in where, when, or how their work will get done to set the tone that you believe that they can make a difference. This young workforce will not react kindly to “that is just the way we do it around here”. Help them to focus on efficiencies and the quality of the work rather than do it our way just because. My employer gave me the basic requirements for meeting client needs and set up some required times, but allows the bulk of my time to be flexible. As a Millennial, being able to control a portion of my schedule and workload lets me know that my employer wants to work towards building my career.

If time is not a flexible component of your business, revamping your benefits package, including retirement savings, wellness plans or community volunteer time could prove to provide the flexibility Millennials seek. Get in touch with your Business advisors to determine which benefits might work best.

Most importantly, Millennials are not lazy, in fact just the opposite is true. They are passionate and hardworking when part of a team. To tap into their talents, it is very important to recognize and embrace the generational differences so that you too can play a part in grooming the leaders of the future.

Jessica Marin, MBA/CPA is employed as a Senior Accountant at Perry, Fitts, Boulette & Fitton, CPAs with offices in Bath and Oakland. She helps individuals and businesses with tax planning preparation and works on compiled and reviewed financial statements for businesses. She can be reached at jessica.marin@pfbf.com or 207-371-8002.

WHAT DO SUPER BOWL SUNDAY AND TAX RETURNS HAVE IN COMMON?

Other than the time of year they occur, the one shining answer is Fantasy Football Leagues. The popularity of these leagues have forced the IRS and Certified Public Accountants all over the United States to begin asking the question: Are my winnings from these online leagues taxable?

What is Fantasy Football?

Fantasy Football is defined to work in such a way that, according to the NFL, “You decide what type of league you want to participate in, acquire a roster of players (either through a draft or through auto pick assignment), then set your lineup each week during the season and watch as touchdowns, field goals, yards gained, sacks, interceptions and much, much more generate fantasy points for or against your team. Whether you win or lose and climb or fall on the leader board all depends on how well you maximize the talent on your roster each week.”

How Does This Affect My Taxes?

Just like any other sort of income, a determination must be made as to the taxability of such income. Unfortunately, the IRS has not ruled specifically on the treatment of Fantasy Football winnings, but there are options that fall under the treatment of online game-playing tournaments (IRS Letter Ruling 200532025).

What Are The Options?

There are three methods defined by the above mentioned IRS letter ruling and they are as follows:

Option #1: The Gross Method: This method would require the league administrator to report total winnings for the year on a form 1099-MISC when the player wins more than $600.

Option #2: The Net Method: This method requires everything from the Gross Method, but then subtracts any entrance fees paid for the winning contests only, creating a net amount that would be reported on the 1099-MISC. if over $600.

Option #3: The Cumulative Net Method: Taking it one step further from the net method, this method allows all entrance fees to be deducted from the winnings, regardless of winning that contest. If this amount is still over the $600, it will be reported on form 1099-MISC.
What Should You Do Next?

If you feel that this applies to your Fantasy Football League activities, please give Jessica Marin, CPA a call at Perry, Fitts, Boulette & Fitton CPAs and we will help you determine the best way to report on your tax return.