The Proactive Solutions Blog

Having Problems Keeping Employees?

Is retention of good employees a priority for your business? Consider conducting “stay” interviews. 

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A Comparison of Trump and House GOP Tax Reform Proposals

Comparing the House GOP plan to the Trump Plan: while there are many differences in the extent of tax relief promoted by each plan (with Trump's being by far the more generous), there are many similarities on key issues, including significant cuts in both individual and business tax rates, repeal of the estate tax and efforts to position U.S. businesses to compete on a more level playing field internationally. 

Click here for a comparison of the House GOP plan and the Trump plan by Holland & Knight: www.hklway.com

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Get to Know Andrew Byers, Staff Accountant

Describe your role at Weber O’Brien: 

I am a member of the accounting and assurance team. I assist with the review of company’s financials and help ensure quality and efficiency for a variety of different clients that include: non-profits, governmental, and small to medium sized businesses.

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Complete These Retirement Plan Steps Before Year-End

December 31 is the last day you can benefit from certain retirement tax breaks. For example, if you haven't put the maximum amount allowed in your 401(k) – $18,000 in 2016 – increasing your contributions can save you money. 

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Judge Suspends Rule Expanding Overtime for Millions of Workers

A federal judge in Texas issued a nationwide injunction on Tuesday against an Obama administration regulation expanding by millions the number of workers who would be eligible for time-and-a-half overtime pay.

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Weber O’Brien at the International Builders’ Show, January 10-12, 2017

Have you heard? Dave O’Brien and Jim Weber will be presenting at the International Builders' Show, January 10-12, 2017 in Orlando, Florida.  Here is a quick look at their presentations this year:

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Higher Self-Employment Taxes Coming In 2017

Did you know the national average wage index went up? You might have missed the news, but it's likely you will notice one impact: higher self-employment taxes.

How are the two related? The index is used to calculate the social security wage base, which is the amount of income subject to the 12.4% social security portion of the self-employment tax. When the index goes up, the wage base does too, and more of your income is taxed.

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The New Overtime Rules

The New Overtime Rules issued by the Department of Labor regarding the overtime eligibility is still set to go into effect December 1, 2016.

The House introduced and passed legislation, H.R. 6094, which would delay the overtime rules for a six-month period, but it has yet to be heard by the Senate and likely will be delayed until after the election. Therefore, we recommend proceeding with your plan to address this change within your company.
 

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Putting Family Members on Payroll

As a business owner, you should be aware that you can save family income and payroll taxes by putting junior family members on the payroll. You may be able to turn high-taxed income into tax-free or low-taxed income, achieve social security tax savings (depending on how your business is organized), and even make retirement plan contributions for your child.

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Get Ready For a Higher Social Security Wage Base

If you're an employer, you'll need to withhold social security tax from a higher amount of your employees' wages in 2017. The wage base for withholding social security tax from wages has increased to $127,200, up from $118,500 in 2016. 

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