The U.S. Department of Labor updated the rules for paying overtime, and the changes take effect December 1, 2016. Under the new rules, salaried employees who earn less than $913 per week ($47,476 per year) will be eligible for overtime pay. That's double the annual exempt amount of $23,660 under current rules. Begin reviewing your payroll policies now to avoid penalties and fines for noncompliance. One important step is to start tracking hours for your salaried employees.
Friday, October 21, 2016
Tuesday, October 18, 2016
Don't let penalties for underpaid taxes increase your tax bill next April. Check the total you've paid in for 2016 through withholding and/or estimated taxes. If you've underpaid, consider adjusting your withholding for the final months of the year or increasing your remaining quarterly estimate. If you employ household workers, be sure your calculations include the payroll taxes you'll owe for them. Remember to include the 3.8% tax on net investment income in your planning, too.
Friday, October 14, 2016
The IRS has again issued a scam warning. The newest scam involves receiving via email a fake version of an IRS bill related to the Affordable Care Act. The bill requests payment by check or by clicking a link in the email. Remember, genuine IRS notices do not come to your email, and do not request online payment. Email safety tip: Always verify the sender before opening attachments or clicking on links. Whenever you receive communication from the IRS, contact us at (518) 798-3330. We'll help you sort out what you need to do.
Friday, October 7, 2016
Tuesday, October 4, 2016
Friday, September 30, 2016
Wednesday, September 28, 2016
One of the pitfalls of receiving a distribution from your IRA with the intention of "rolling it over," or depositing it into another IRA or retirement plan, is the 60-day rule. Under the rule, you're required to complete the rollover within 60 days of receiving the distribution. If you miss the deadline, you have to include the distribution in your income and perhaps pay a penalty. In the past, you generally had to request a special statement from the IRS to avoid that outcome. Now the IRS says you may qualify for a waiver if you meet one of eleven allowable reasons. Contact us at (518) 798-3330 for details.