September 20, 2016 10:00 am
Published by Mark
On December 1, 2016, the minimum salary threshold for The Fair Labor Standards Act (FLSA) white-collar exemptions increases to an annual $47,476, which increases the number of employees to whom you must pay overtime if they work more than 40 hours in a week.In May 2016, the Department of Labor (DOL) published its Final Rule updating the overtime regulations. The Final Rule defines which white collar workers are protected by the minimum wage and overtime standards of the Fair Labor Standards Act....
September 20, 2016 10:00 am
Published by Mark
You will not only be required to provide W-2 forms to your employees by January 31st, but you must also file W-2 forms and their W-3 transmittal with the Social Security Administration by January 31, 2017 deadline.You must issue and file 1099-Misc forms to your contractors and form 1096 transmittal to the IRS by January 31 as well. You no longer have the option to wait until February 28th to file the government copies of either form set.As a result of this shortened deadline period between year-...
September 20, 2016 10:00 am
Published by Mark
Usually taxpayers can deduct fully contributions of money to religious, educational or other qualified charitable organizations. Your annual charitable donation deductions may be reduced if they exceed certain limits based on your AGI, the type of donation and the type of charity receiving the donation. If you receive some benefit from the charity in connection with your donation, such as services or products, your deduction must be reduced by the value of the benefit you receive.
September 20, 2016 10:00 am
Published by Mark
Alternative minimum tax (AMT) rules were originally designed to ensure that high-income individuals who take advantage of multiple tax breaks will owe tax each year. In recent years, however, middle-income taxpayers are likely to owe the AMT. Here's an overview of how the AMT works and possible ways to minimize it.AMT is an alternate set of tax rules that are similar to the regular federal income tax system.
June 7, 2016 12:00 pm
Published by Mark
The U.S. Department of Labor finalized sweeping changes to the Fair Labor Standards Act (FLSA) overtime rules, extending protections to millions U.S. workers.The changes double the salary threshold for “white collar” exemptions from the current minimum of $455 per week, or $23,660 a year, to $913 per week, or $47,476 annually.
June 7, 2016 12:00 pm
Published by Mark
Based on discussions, we have made tax planning and estimates based on information available at that time. Even though we have done some advanced planning for 2016, changes in your personal situation may affect those plans. Even a few months can bring big changes in a client’s life that can significantly affect tax plans previously made earlier in the year.
June 7, 2016 12:00 pm
Published by Mark
It's not a major disaster if you owed some money when you filed your return — after all, you'd rather have the use of the funds for as long as possible. But what you want to avoid is having to pay the IRS a penalty for underpaying your taxes during the year. If you owe the estimated tax underpayment penalty, which is nondeductible, you're in effect paying the IRS interest for part of the money you should have prepaid during the year for taxes, but didn't.
June 7, 2016 12:00 pm
Published by Mark
BWC (Bureau of Workers Compensation) has transitioned to a prospective billing process for private employers.Previously, employers would file and pay premiums semi-annually after pages had been paid. Under the revised BWC reporting, employers are now paying estimated premiums in advance for the policy year 2015. Employers were notified by BWC in August 2015 of their estimated premium and had a choice of an annual or periodic payment plan.
