Big changes are coming to over-time policy. As noted in Accounting Today, in 2015 the Department of Labor proposed a rule change that will have a monumental impact on the way employers compensate their employees for over-time. The rule change raises the overtime exemption threshold under the Fair Labor Standards Act (FLSA). The final version of this rule change is not expected to be released until late 2016.
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Crowdfunding is a tool that provides an alternative to more traditional forms of financing available from banks and other institutions. It has evolved to answer the needs of investors and entrepreneurs who have a desire to participate in a variety of investment opportunities but are severely limited by the amount of cash or credit they have available.
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Income tax reform and President Trump are not exactly my two favorite topics. However, understanding the impact on various income tax deductions and tax credits brought about by President Trump’s attempt to “make things better” vis-à-vis tax reform should not be ignored. One thing is for sure, the impact of Trump’s tax reform will almost certainly be “give and take.”
Although nothing is yet known for certain, some tax deductions and credits may be traded for lower overall rates in the reform plans of the Trump administration and the Republican congressional leadership.
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The IRS issued a worrisome warning on Tuesday, March 1, 2016: payroll and human resources departments should beware of an email phishing scheme in which cybercriminals pose as company executives (including CEOs) and ask for confidential employee information, such as Forms W-2, Wage and Tax Statement, as well as employees’ Social Security numbers, address, date of birth, and salary.
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Are you seeking financial relief from a tax liability for an amount less than the full amount owed? The Internal Revenue Service has published the following Tax Topic 204 as a guide for taxpayers seeking relief from a tax liability for an amount less than the full amount owed.
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The following questions and answers provide information to individuals of the same sex who are lawfully married (same-sex spouses). These questions and answers reflect the policy outlined in Revenue Ruling 2013-17 in 2013-38 IRB 201.
Q1. When are individuals of the same sex lawfully married for federal tax purposes?
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Do you feel overwhelmed around tax time when trying to select a qualified and suitable tax return preparer? The Internal Revenue Service has published the following Tax Topic 254 as a guide for taxpayers when selecting a tax return preparer.
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The following 2016 information is an update of the “Preview Of Some Key 2016 Tax Figures” article originally published last October (2015). The October 2015 publication was presented using estimated figures for 2016.
However, the IRS has recently released official 2016 tax figures. This being the case, what better time is there to start thinking about implementing a tax planning initiative focused on tax year 2016 activity? The following up-to-date figures will assist you with that initiative:
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Pursuant to the terms and requirements of the Affordable Care Act (“ACA”), Forms 1095B and 1095C must be prepared and filed by certain employers and provided to employees by a statute specific time in order to be in full compliance with the ACA.
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The following discussion is an excerpt taken from a press release made available by the White House Office of the Press Secretary addressing “New Steps to Advance Equal Pay on the Seventh Anniversary of the Lilly Ledbetter Fair Pay Act”:
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Near the end of last year (December 2015), as PR News Wire notes, Congress passed and President Obama signed into law the Protecting Americans from Tax Hikes (PATH) Act, a broader bipartisan tax bill that extended (and in certain instances, made permanent) over 50 expiring provisions of the tax code.
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The primary authoritative support concerning the valuation and reporting and recordkeeping of charitable donations is addressed in the Internal Revenue Service -- Publications 526 and 561.
Publication 561 focuses on the topic of “Determining The Value Of Donated Property.” Publication 526 addresses basically all other relevant topics of concern regarding Charitable Donations. This article focuses primarily on Charitable Contribution issues other than valuation, such as reporting to the IRS.
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The Family and Medical Leave Act of 1993 (FMLA) entitles eligible employees of covered employers to take unpaid, job-protected leave for specified family and medical reasons with continuation of group health insurance coverage under the same terms and conditions as if the employee had not taken leave. Employees are also entitled to return to their same or an equivalent job at the end of their FMLA leave.
This article intends to shed some light about the following:
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Perhaps the most significant transaction faced by any business owner is the sale of his or her business. Inevitably, a variety of factors will play a role both before and after consummating the transaction. Most, if not all, of these factors will have a direct bearing on the success of the adopted exit strategy which will translate into the maximum possible return, or profit, to the seller.
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Over the last several years there has been increased popularity and attention given to “leasing” as a financing alternative over the outright purchase alternative when acquiring an automobile.
There’s no question that leasing offers some significant benefits over an outright purchase, otherwise it wouldn’t be so popular. This blog, however, is intended to be a wake-up call for those who don’t fully comprehend some of the negative aspects and consequences of leasing a car instead of purchasing a car outright.
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In our March 2014 newsletter, we provided a discussion entitled “What Are The Chances of Being Audited.” The article focused on the relative possibility of an audit given different levels of income. To more completely address the question of “What Are The Chances of Being Audited,” this article goes beyond income level and addresses the impact of different types of transactions and deductions on the relative chance for a tax audit.
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For quite some time, jurisdictions have had laws on the books requiring that employers grant employees sick leave without pay. Mandatory compensation while away for sick leave had never really been an issue. Over the past few years, however, momentum has been increasing to make it the law that workers be compensated while away from work for time taken off for sick leave.
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Whether the funding is for kick-starting a great idea for a new business or achieving a competitive advantage that will fuel future growth, little else matters as much as having the cash to make your entrepreneurial dreams a living reality.
In order to thrive, businesses typically require hard assets such as equipment, access to real estate for things such as office and warehouse space, computer equipment, etc. In addition to these hard assets are softer assets such as employees comprising the business's work force.
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The idea behind “Ban The Box” is simple: it is a campaign seeking to introduce legislation prohibiting potential employers from asking about an applicant’s criminal background until “later” in the hiring process after consideration of an applicant’s qualifications.
The name “Ban The Box” refers to the check box on typical job applications that asks if the applicant has ever been convicted of a crime. The campaign seeks to remove the criminal history question from preliminary job application forms.
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The distinction between treating someone as an employee instead of an independent contractor is significant.
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Capital budgeting is a quantitative decision-making approach for evaluating and choosing between one or more investment projects under consideration by an organization. Through the use of the capital budgeting structured approach, the organization attempts to identify the profitability and risk complexion of an investment alternative.
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An accounting system is a collection of interrelated processes designed to accumulate, organize, and report on an organization’s transactions. The ultimate goal of an accounting system is to generate reports based on this information to support management decision making. These reports help management make well-informed decisions.
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Within the world of software development the term “beta” refers to the fact that the software is still under development and is not the final version of the software.
Why does a software manufacturer offer beta versions of their software to the general public?
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It’s never too late to save money, even if you’re in the final hour of the tax year. There are things that an individual taxpayer can do at the last minute that have the potential of saving money-
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It’s not unusual for a family member to provide financial assistance to another family member by giving the recipient money to meet a need -- i.e. to help purchase a home, pay for medical expenses, etc.
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Financial Ratios
Financial ratios are metrics that help measure the health and performance of a business. Such ratios help tell the story behind what’s disclosed in the company’s financial statements, and they are relevant for both small and large businesses. They are also referred to as Key Performance Indicators (KPIs).
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It’s never too early to begin detailed planning for next year’s taxes -- especially as we head into the final stretch of 2015 and get a better look at what the coming tax season has in store.
While official numbers for 2016 are not yet released by the Internal Revenue Service (IRS), many figures are formulas set within the Internal Revenue Code (IRC) or are based on the Consumer Price Index (CPI) published by the Department of Labor.
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Unfortunately, when the tax season ends and most people stop thinking about tax issues, the tax scammers are just getting started. Their year-round commitment to finding new scams means taxpayers must remain vigilant and well informed.
Here are several tips, taken directly from the most recent tips from the IRS, to help you avoid becoming a victim of these scams:
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“Nothing lasts forever,” as the age-old saying goes. Eventually, ownership and key employees will leave your business, voluntarily or involuntarily, and no longer play a role in the business they worked so hard to create. Integrating an exit strategy into your business plan is crucial in order to achieve long-term goals -- things like having sufficient levels of funds to meet retirement needs. For this reason, selecting your business successor and identifying the method of transfer to the successor are the key objectives of an effective exit strategy plan.
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Labor Day signifies the end of summer and comes with a three-day weekend; maybe a trip to the beach, the lake, or the the cabin, and a barbecue.
Labor Day became a federal holiday in 1894, but it was first celebrated as a holiday in the United States on February 21, 1887. Of course, Labor Day is dedicated to the social and economic achievements of workers, but who wants to think about work on a federal holiday?
This Labor Day might be a good time to think about how you can use your travel as a tax deduction to offset some of the expense.
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