With the recent passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act into law, several tax credits originally set to expire at the end of 2019 have been extended through tax year 2020. Business owners should be aware of these potential tax saving opportunities, as the resulting dollar-for-dollar tax credits can be …
The holiday shopping season is in full swing. Whether you’re hitting the retail stores or doing all your shopping online, you want to shop wisely and protect your personal information. The FTC has a few holiday shopping tips to help you. Make a list (and check it twice!) as well as a budget. This will …
The United States House of Representatives recently voted to pass an amendment to the Fair Labor Standards Act (FLSA) that gives private-sector employees the option of selecting compensatory time off in lieu of cash for overtime wages. In the measure generally backed by Republicans but opposed by Democrats, an employee will be able to choose …
Across the United States and around much of the world, people are trying to determine the impact of recent executive orders issued by President Donald Trump. The IRS is no exception; in fact, the Service is concerned enough to have suspended issuance of all new revenue rulings and procedures until they have a better grasp …
It has been widely reported that U.S. District Judge Amos Mazzant agreed with 21 states and a coalition of business groups that the new overtime rules set to go in place on December 1, 2016 were unlawful, and as such, he granted their motion for a nationwide injunction. The new overtime rules would have increased …
On November 8 Arizona voters passed the “The Fair Wages and Healthy Families Act” to increase the AZ minimum wage. Here are our initial observations regarding this new law. We expect that there will be clarification and guidance in complying with the new act forthcoming from the state. For 2016 the minimum wage is $8.05 an …
Drought is a major problem in the United States with detrimental impact in all sorts of ways. Not the least of which has been its impact on farmers. Farmers have an economic and business model unique from most other businesses resulting in special IRS rules in the taxation of their income to help keep them …
Did you know about the new reporting requirements that took effect in 2014? If you did not, or even if you did, you may want to DOUBLE check your current year tax return, because you may have been DOUBLE taxed! Brokerage firms use Form 1099-B to report your sales of stock and other securities. This …