On January 24, 2019, KCAL Insurance Agency successfully hosted the first business seminar of the year. About 100 business owners, HR managers, and accounting managers attended the event. With the start of 2019, new California labor laws have come into play. This requires businesses to familiarize themselves with the new regulations in order to avoid litigation. In addition, businesses are filing their 2018 taxes this year and must follow the new tax reform laws. Since this could be a source of confusion for many, we invited speakers from KPMG, Law Offices of Paul P. Cheng & Associates, and other organizations to explain what needs to be done this year to run one’s business as smoothly as possible.
Trump’s new tax reform may prove challenging for businesses and individual owners. New tax laws exacerbate what is already a difficult task for businesses. That is why KCAL Insurance invited Adam Uttley, Partner at KPMG LLP, and Vanessa Jiang, Senior Manager of Business Tax at KPMG LLP to explain how to follow the new requirements. Adam Uttley, expanded on Section 199A’s 20% deduction and compliance requirements for filing 2018 federal tax returns. Among the changes discussed were reporting methods for partnerships, other pass-thru entities, and corporations.
2019 Labor Laws
Another pressing issue for employers is the 2019 California Labor Laws. Attorney Paul Cheng of Law Offices of Paul P. Cheng & Associates provided an overview of the key updates. Those updates include unlawful employment practices, harassment training requirements, and wage and hour compliance. New sexual harassment training requirements state that companies with five or more employees must provide sexual harassment training to all employees. This law becomes effective in 2020. However, that actually means all companies must have conducted the training by the end of this year.
Employment Practices Liability Insurance
Additionally, our very own Emery Lee, Commercial Insurance Advisor of KCAL, gave a comprehensive overview on the difference between Workers’ Compensation and the Employment Practice Liability Insurance coverage. The difference is especially important to note since EPLI covers claims not covered under an employer’s Workers’ Compensation. EPLI protects businesses against employment-related claims such as sexual harassment, wrongful termination, and discrimination. It is worth considering EPLI as an employer since it can cover expenses that can take a toll on your business during a labor lawsuit. These expenses can include defense lawyers, settlement fees, and other payments.
We partnered with San Gabriel Valley Partnership for this wonderful event. Also, special thanks to our sponsors KPMG, Law Offices of Paul P. Cheng & Associates, and Kaiser Permanente. One of the main takeaways from this event is the importance of employers to be familiar with the laws and to know which precautions to take. KCAL Insurance Agency’s CSO, Angela Chang, has noted that many employers have been asking KCAL Insurance Agency for EPLI quotes since regular workers’ compensation does not cover all employment-related lawsuits. We hope to continue informing the public about what they can do to run a smoother and safer business. Our next four seminars will be held at San Gabriel, Irvine, Ontario, and Hacienda Heights.
Left to Right: Annie Wei ( Business Development Manager at San Gabriel Valley Economic Partnership), Angela Chang (KCAL Insurance Agency CSO), Vanessa Jiang (Senior Manager, Business Tax KPMG LLP), Adam Uttley (Partner, Tax KPMG LLP), Kenny Chang (KCAL Insurance Agency CEO), Kenny Chang (Regional Human Trafficking Coordinator of the U.S. Department of Labor)