THE
ADDITION A Publication of Ketel Thorstenson, LLP
SUMMER 2023 Volume 29 Issue 2
CONTENTS Performance = DOA PAGE 1 - 2 Ag Producers – The Value of Making Your Required Annual Tax Payment by January 15th PAGE 2 - 3 IRS Penalties & Interest PAGE 4
Performance = DOA
IRS Tax Notices – Updates & Tips PAGE 5
By Steph McCoy, SHRM – Manager, Human Resources Dept
SD State Sales Tax: New Rate Effective July 1, 2023 PAGE 6
Photo by Ludde Lorentz on Unsplash
Building Up the Section 45L Energy Credit PAGE 7
Addressing employees who are not meeting your performance standards is a challenging feat. And unfortunately, no one has come up with a pill, magic wand, or corrective recourse. That means to be successful, you must learn how to effectively address performance issues.
Making Translucency Out of Transparency: Our Take on the Corporate Transparency Act PAGE 8 - 9 Promotions, New Hires, Interns & Happenings PAGE 10 – 11
Below I have outlined the don’ts and the do’s when addressing performance problems in the workplace. DON’TS - Things I would NOT recommend: • Be passive aggressive. • Talk about the issue with everyone but the employee. • Wait to address the issue until it is time for promotion or compensation increase. • Rate them as average until they are moved to a new supervisor.
RAPID CITY, SD 810 Quincy Street (605) 342-5630
SPEARFISH, SD
741 Main Street, Ste. 230 (605) 642-7676
GILLETTE, WY
305 S. Garner Lake Road (307) 685-4433
• Create an environment that motivates them to quit. • Respond or react emotionally. • Make an employment decision before you have all the facts. DO’S - Things I recommend: • Diagnose the problem. The best advice I received is to use the equation Performance = DOA. • D - Does the employee have the desire to do the job? • O - Have they had the opportunity to meet your expectations? • A - Do they have the ability? • The answers to these three questions need to align to equal performance. • Once you diagnose the root of the issue, then you can decide how to respond. • Be prompt in addressing the issue. Why give it time to get worse? A lag in response can also lead to headaches if you decide to take employment action in the future. CONTINUED ON PAGE 2
THE
ADDITION SUMMER 2023 • PAGE 1