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New Overtime Pay Rule
The U.S. Department of Labor’s Wage and Hour Division adopted a rule that significantly increases the level of income below which employers are required to pay overtime for executive, administrative and professional employees.
The U.S. Department of Labor’s Wage and Hour Division adopted a rule that significantly increases the level of income below which employers are required to pay overtime for executive, administrative and professional employees.
Employers now can correct or withdraw erroneous claims for credits and refunds that involved the Employee Retention Credit (“ERC”). The ERC is a refundable tax credit available to employers that continued to pay their employees during the COVID-19 pandemic and had any of the following items. Click to read more.
Starting in 2024, newly formed corporations, limited liability companies (LLCs), limited partnerships, and other entities that file formation papers with a state’s Secretary of State’s office (or similar government agency) must file a report with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) providing specified information regarding the entity’s “beneficial owners.”
On September 14, 2023, the IRS announced an immediate stop for processing new Employee Retention Credit (“ERC”) claims through at least the end of the year. It cited concerns that many new claims filed are ineligible for the credit, and businesses are at financial risk of scams from aggressive marketing and promotors.
Are you eligible for Flexible Spending Accounts through work? The two most popular plans are for health care costs and for dependent care costs. Learn about how much you could save in taxes by taking advantage of these plans!
Small business owners and employees often wonder about the federal tax treatment for employer-provided fringe benefits. Are they taxable? Do they have to be added to payroll or the employee’s Form W-2? It depends on the nature of the fringe benefit and if the benefit is defined as having a tax-favored status within the Internal Revenue Code.
The Tax Cuts and Jobs Act of 2017 imposed a $10,000 cap on the deduction of state and local taxes (SALT) for individuals who itemize their deductions. Over the years, many states have adopted a SALT Cap workaround and after the signing of Senate Bill 246 into law, Ohio now allows pass-through entities (PTEs) to elect to be taxed at the entity level starting with the 2022 tax year.
Roth Individual Retirement Accounts (Roth IRAs) are an important planning and tax savings tool. If annual income is high enough to prevent Roth IRA contributions, a backdoor Roth IRA conversion can allow taxpayers to benefit from the tax advantages of a Roth IRA.
In 2022, as we continue to navigate through our new norm brought on by Covid-19, we strive to help our small business owners stay abreast of the never-ending changes.
Summer is ending, kids are going back to school, football season is around the corner, and we can almost smell the pumpkin spice. For small business owners, this is a great time to ponder some mid-year tax and accounting considerations.