June 2015

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Phone (908) 823-4607- info@veterinarybusinessadvisors.com

 

Imagine a graduate of veterinary medical school who has recently accepted an associate position at the clinic of her dreams. She feels her career is finally beginning and is excited to be in the trenches with her patients. The next patient's medical record is waiting on her desk and the associate looks it over with a few differentials of what the presenting problem could be. Finally, all that hard work and studying in veterinary school will pay off! She eagerly walks into the appointment room and is abruptly told by the owners that they know what is going on with their pet because they came across something similar on Google. This frustrating occurrence is becoming all too common and can impact the profitability and perception of veterinary medical care.

 

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Employee Discounts: How Much Are You Giving? 

 

Like most practices, yours probably offers discounts to employees on veterinary services and products.  Although the amount of the discount varies widely from practice to practice, this is a very common fringe benefit in the industry. Many owners offer discounts as a way to provide a valuable benefit to their employees, and since most practice employees have pets, no doubt this is truly appreciated by those employees. 

Seems logical, doesn't it?

But like many other good ideas with tax implications, this one is full of traps. What's set
forth in the this article are the least known tax rules, and one which is not widely understood in the veterinary profession. But here is what our current tax law says about employee discounts.

If you need help with your Employee Discount Policy, email us for help!

In This Issue
Do You Know How Long You Have to Retain Employee Records?

Records retention encompasses three components: what, how long, and how. These are dictated by federal and state laws. Nevertheless, there is considerable debate on record retention, so it is recommended that management err on the side of caution and base record retention upon risk tolerance and available resources. In other words, do as much as you can to minimize risk (without proper records, employers may be vulnerable to unfounded claims by former employees) with the resources available. The following list is the recommended retention period for each type of record:

 

Records                             Retention Period (Yrs)

All HR-related records                              6

Any record to support gender  

pay difference                                              3

Payroll records                                            3

IRS tax-related payroll info                      4

FMLA/USERRA                                         3 (after termination)

I-93 (after hire) OR                                    1 (after termination) 

Pension & welfare plan documents         6 

OSHA logs & summary of  

recordable injuries                                      5 

Employee exposure to toxic  

substances, including MSDS                    30 

Employee workers  

compensation claims                                 30+ 

Resumes & applications                            1-2 

Polygraph test results                                 3


 

 



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2015 - Veterinary Business Advisors, Inc.
 
 
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