Update: new overtime rule moving along

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 …

Keep Reading

A change in who’s the boss? Form 8822-B

Does your business or entity have a new “responsible person?” If so, use Form 8822-B to notify the IRS. The IRS requires any entity with an employer identification number (EIN) to report any change to its responsible party within 60 days of the change on Form 8822-B.The form is available on the IRS website at …

Keep Reading

Opening your dream business in 2017? You’ll need Form SS-4

Are you taking the leap in 2017 to do what you love? Or investing in a foreign company that you believe in? If either of these answers is ‘yes,’ you most likely will have to fill out a Form SS-4, Application for Employer Identification Number, or EIN. The process is very simple, but if you …

Keep Reading

Using Groupon for your business

Some businesses avoid running special promotions and discounts with the view that this will tarnish their brand or reduce the value of the product or service they have worked hard at creating. However, some businesses find that offering special promotions and discounts through a deal website, such as Groupon, are an effective method for advertising …

Keep Reading

AZ business partnership tax filings get a bit easier

Currently, Arizona partnership tax filings with the Arizona Department of Revenue (AZ DOR) must include certain federal forms and schedules to be filed along with the state of Arizona return. An examination of this requirement by the AZ DOR has shown that this can result in an additional 10 to 500 pages per return being …

Keep Reading

FASB revises definition of a business

With its first Accounting Standards Update of 2017 (ASU 2017-01), the FASB revised the definition of a business under U.S. GAAP. This update was issued to provide more clarity to entities in determining whether transactions should be classified as an acquisition (or disposal) of assets or businesses. Stakeholders had communicated to the FASB that the …

Keep Reading

Lack of succession plans in family owned businesses

According to a recent PricewaterhouseCoopers (PwC) report, only 23% of family owned businesses have succession plans in place that include a documented plan, not just thoughts in the owner’s head. In PwC’s 2012 survey, 52% of family run businesses planned to pass the business to the next generation, with only 12% planning to sell the …

Keep Reading

New overtime rules delayed nationwide

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 …

Keep Reading

Forming a Partnership – Considerations When Creating an LLC as a Partnership

The advent of the Limited Liability Company, or LLC, is relatively new to the United States. Wyoming was the first state to offer an LLC business entity classification in 1977, and within 20 years, nearly every other state had followed suit. LLCs are a great option for businesses looking to obtain the liability protection of …

Keep Reading

R&D Tax Credit: What Does R&D Mean?

When I say “R&D” what do you think of? Is it a scientist making a breakthrough? Maybe it’s an engineer at the forefront of technology? If so, you are on the right track, but if that’s all you think of, then it’s time to start taking a broader view. We have blogged about the R&D …

Keep Reading