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How Employee Expenses Are Deducted

Questions on how to claim deductions for expenses you incur in connection with your employment? The expense include those for local transportation (other than commuting), business meals and entertainment (at 50% of cost), travel away from home, supplies, educations, etc.

Read full post  |  Posted by James F. Weber on 10.20.16


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. 

Read full post  |  Posted by James F. Weber on 10.04.16


Compensation & Benefits Alert - September 2016

IRS Simplifies the Process for Correcting Late Rollovers between Retirement Accounts

Issued August 24, 2016, Rev. Proc. 2016-47 simplifies the process for correcting late rollovers from one tax-qualified retirement account to another. The guidance provides plan administrators and IRA trustees with an additional basis for accepting rollover contributions after the 60-day deadline.

Read full post  |  Posted by on 09.08.16


College Students: Be Aware Of Phone Scams

As you settle into your fall semester routine, both the FBI and the IRS want you to be alert for calls from scammers.

Read full post  |  Posted by on 09.07.16


Boost Productivity By Offering Feedback

A research study by a staffing agency reveals that younger workers want to know how the work they do affects the company they work for. 

Read full post  |  Posted by on 09.01.16


Computer Systems Review

Business owners have many computer systems in place in their company, managed by an employee as part of his job or managed by a third party who may not be really qualified to manage a business software system.

Read full post  |  Posted by James F. Weber on 08.25.16


Review of Bank Loan Agreements

When reviewing and evaluating your bank loans make sure that you, your controller, CPA or attorney review all loan documentation in detail and consider the following matters:

Read full post  |  Posted by James F. Weber on 08.25.16


Get Serious About Catching Up

If you're age 50 or older, tax law has a permanent provision that lets you make extra contributions to your retirement plans. These “catch-up” contributions vary depending on the type of retirement plan. For example, if you participate in a SIMPLE, you can make a catch-up contribution of up to $3,000 in 2016, over and above the maximum $12,500 salary reduction contribution. For IRAs, both Roth and traditional, the 2016 catch-up contribution is $1,000.

Read full post  |  Posted by James F. Weber on 08.11.16


Saving For a Comfortable Retirement Is Up To You

If your employer offers a 401(k) plan, participating can mean the difference between having a sufficient nest egg and worrying about your expenses after you stop working. 

Read full post  |  Posted by on 08.04.16


Who pays for Social Security and Medicare?

According to the 2016 Summary of Annual Reports by the trustees, the major source of funding for the Social Security and Medicare programs is the payroll tax you and your employer pay, or that you pay as a self-employed worker. 

Read full post  |  Posted by James F. Weber on 08.02.16


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