GETTING SUMMER HELP? CLASSIFY PROPERLY

Don't subject your business to tax penalties by misclassifying employees and independent contractors. You can avoid misclassification by understanding how the law defines employment (we can help you with this), and by creating and following work-habit guidelines. Thoroughly review your work arrangement not only at the beginning of professional relationships, but regularly to ensure both you and your employee are on the same page

IS YOUR BUSINESS SUSCEPTIBLE TO PAYROLL FRAUD?

Although you may not want to hear it, all businesses can be hit with payroll fraud. Find out how it happens and what you can do about it.

ARE YOU WITHHOLDING ENOUGH FOR TAXES?

Don't leave it up to chance – check your 2017 tax withholdings while you still have some time to make changes. You can use the withholding calculator on the IRS website to see if you are paying too much or not enough. To make a change, fill out a Form W-4 and give it to your employer. You'll end up filling out another form in early 2018 to adjust your withholding schedule.

TIPS ON TIP REPORTING

Working in the service industry often means part of your income comes in the form of tips. Keeping records of your tips is a necessary part of reporting this income for tax purposes, but do you have a good system in place to do this?

KEEP UP WITH WAGE LAWS

While the new federal overtime rules that were scheduled to take effect in 2016 have been put on hold, perhaps permanently, other wage laws are still around, including those that establish minimum pay levels. These minimum wage laws vary from state to state, and some have changed beginning January 1. In addition, you may be required to post notices or posters in your workplace, and maintain certain records. Contact us at (518) 798-3330 if you have questions.

ARE YOU WORKING OVERTIME PREPARING FOR THE NEW LABOR RULES?

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.

START PREPARING NOW FOR NEW OVERTIME RULES

In May, the U.S. Department of Labor updated the rules for paying overtime. 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. The changes take effect December 1, 2016, which means you need to begin reviewing your payroll now, as penalties and fines can be assessed for noncompliance. One important step is to begin tracking hours for your salaried employees.