Employees and employers both have been anxiously awaiting news of a promised overtime salary adjustment. On September 24th, the Department of Labor released a new rule that will increase the minimum salary requirement for the administrative, professional, and executive exemptions from $455 per week ($23,660 annualized) to $684 per week ($35,568 annualized). The Fair Labor...
IMPORTANT UPDATE: Late on Friday, August 28th, the IRS issued guidance on the payroll tax deferral that was ordered by the President (see original article below). The notice allows employers to defer withholding on employees’ compensation during the last four months of 2020 and then withhold those deferred amounts during the first four months of...
Tax reform eliminated the itemized deduction for employee business expenses. Thus, employees cannot deduct home office expenses for the tax years 2018 through 2025. However it's worth noting that the rules did not change for self-employed persons. So if you are self-employed, a small business owner, or an entrepreneur, you can continue to deduct qualifying...
COVID -19 has stressed many businesses to the breaking point. In spite of PPP loans and EIDL $$$ many small business owners are facing financial challenges, but want to stay in business. Up until now their options were limited. See our prior article HERE: Is Bankruptcy The Best Choice In Bad Economic Times? What are...
Got Debt? No one can predict how the U.S. economy will rebound from COVID-19. For many business owners and companies, the crisis has permanently challenged their financial stability. To stay viable in this “new normal,” restructuring of your balance sheet and debt obligations may be part of your post-pandemic strategy, but the tax implications of...
