If Adopted, Overtime Pay Rules May Expand to More Employees
Newly proposed Department of Labor regulations, if finalized as written, will mean roughly 1.3 million workers who are currently treated as exempt will become eligible for overtime pay, beginning next year. Another provision sets a higher threshold for "highly compensated employee" status, potentially impacting another 200,000 workers. Here's what it means.
5 Last-Minute Ideas to Lower Your 2018 Taxes
Tax Day is right around the corner. Every year, thousands of people delay filing their taxes until the last minute or they file an extension. That's especially true now, as taxpayers try to decipher what's changed under the Tax Cuts and Jobs Act. Fortunately, there may be a few simple strategies that many individuals can still use to lower last year's tax liability even though 2018 ended months ago.
Update on Deducting Personal Casualty Losses
The rules for claiming disaster-related casualty losses to personal-use property have changed for 2018 through 2025 under the Tax Cuts and Jobs Act. As a result, taxpayers generally can't deduct losses unless the casualty event qualifies as a federally declared disaster. Here's what you need to know, including how to calculate casualty losses and possible safe-harbor methods for measuring losses.
Tax Issues to Consider When Small Business Owners Get Divorced
If business owners file for divorce, tax issues can complicate matters. Though most assets can be transferred tax-free between soon-to-be-ex-spouses, there may be tax bills when those assets are eventually sold. So, it's important to consider current and future tax obligations. Here's how taxes factor into divorce settlements under today's tax law, including the new treatment for alimony payments under post-2018 divorce agreements.
Women in Business: Whos the Boss?
More women serve as leaders in business and politics than ever before. But there are still gender-based gaps in terms of pay and opportunities, according to several recent surveys. Businesses that allow women to participate in management often reap significant benefits. If you're a business owner or organization executive, here's what you can do to promote women to leadership positions.
Federal Investigators Find Labor Law Violations in Several Cases
The U.S. Department of Labor recently finished seven investigations and found employers had violated laws involving minimum wages, overtime, work visas and more. The cases serve as a warning to employers about the implications of not complying with labor laws. We'll also tell you about how off-duty police officers providing private security services were found to be employees entitled to overtime.
SIMPLE IRA vs. Solo 401(k): Which Is Right for Your Small Business?
Retirement plan options can be overwhelming for small business owners. Two popular alternatives SIMPLE IRAs and solo 401(k) plans may allow you to make larger annual deductible contributions than you could to a traditional defined contribution or profit-sharing plan. But they're not right for everyone. Here's what you need to know to help you save more money for retirement.
I-9 Audits Are On the Rise: Be Prepared
Employers face growing hazards if they fail to comply with I-9 documentation. While this has always been an important topic, the federal government is stepping up its audits of how employers are handling I-9 forms. Don't take compliance lightly. Can your practices stand up to a government audit? Here's what you need to know to be prepared.
Payment Card Fraud on the Rise Despite Use of Chip Technology
For in-store purchases made after October 2015, liability for credit card fraud shifted from credit card companies to merchants that weren't chip-card enabled. However, a recent study found that criminals can still steal and clone chip-enabled payment cards in the United States. Here are the reasons, along with some ways merchants and credit card companies may be able to chip away at future losses.
Is an HSA Right for You?
Health savings accounts (HSAs) allow people with high deductible health plans to pay for their medical expenses with pretax dollars. But some people are confused about how HSAs work. Here's what you need to know to determine whether you qualify for these tax-advantaged accounts and, if so, how much you can (and should) contribute.
IRS Issues Final QBI Deduction Regulations
Owners of eligible pass-through businesses can now deduct up to 20% of qualified business income (QBI). This tax break is only allowed for individuals, estates and trusts. Here's a summary of new final regulations that address rental activities, the impact of net capital gains, carryovers of negative QBI amounts, and how to calculate various components of the QBI deduction and its limitations.
Making Smart Mergers and Acquisitions under Todays Tax Law
The M&A market is currently hot in some industries. However, before your business combines with another, it's important to understand the federal tax issues that may apply to your transaction. Although it's not the only consideration, minimizing taxes is key to a deal's success. Here are some tax-savvy strategies to consider in structuring a deal under the Tax Cuts and Jobs Act.