11.18.16

New Overtime Rules Will Affect You – Are You Ready?

In May 2015, the Department of Labor (DOL) finalized new overtime rules that update the thresholds for classifying workers as nonexempt and highly compensated. The long awaited changes will increase pay for more than 4 million workers. This article explains changes that will go into effect starting on December 1, how they will impact manufacturers and how business can legitimately reduce overtime costs. A Sidebar highlights the stance the National Association of Manufacturers has taken on the new rules.

11.17.16

Lease with a Purchase Option … or Sale? It Matters to the IRS

Landlords who really wish to sell will often enter a lease with a tenant that includes an option to purchase the property. A lease option is a traditional lease with a purchase option that gives the tenant the exclusive right to buy the property at the price typically set from the beginning. However, the IRS might recharacterize the arrangement as a sale in the form of a contract for deed. This article explains how lease options work.

11.15.16

New Overtime Regulations: Are You Prepared?

Confused by all the new overtime rules talk? We have had a number of clients ask questions about this, because let’s face it, it’s not as straightforward as it may seem! On December 1, 2016, the new Fair Labor Standards Act (FLSA) Overtime Regulations come into effect. Our latest Accounting and Advisory Services blog has all the important details employers should know about the new overtime regulations.

11.15.16

Should You Undo a Roth IRA Conversion?
Peggy Vyborny

Can a Roth IRA conversion be undone? Yes. Why may someone want to reverse a Roth conversion? There are many reasons including when the conversion, combined with other income, pushes someone into a higher tax bracket. This article explores how a conversion can be undone, along with the reasons as to why it can be undone, and also provides an example of the process.

11.07.16

Let’s Play Ball! It’s Time to Step Up to the Plate to Review Fiduciary Status and Fiduciary Duties
James Quaid

Are you a fiduciary for your company or organization’s retirement plan? If yes, you may find it challenging to “cover all the bases” in understanding your fiduciary duties. Some common duties that get overlooked include failing to identify the plan’s fiduciaries and insufficiently training fiduciaries on their responsibilities.

10.31.16

Accelerating Depreciation Deductions: A Cost Segregation Study May Reduce Taxes
Brandon W. Vahl

Businesses that acquire, construct or substantially improve a building may want to consider a cost segregation study. These studies combine accounting and engineering techniques to identify building costs that are properly allocable to tangible personal property rather than real property. The result may allow businesses to accelerate depreciation deductions, thus reducing taxes and boosting cash flow. This article details how a cost segregation study works.

10.26.16

Protect Yourself from Tax Identity Theft
Adam M. Levine

Tax identity theft is a serious problem, and is only getting worse. This article provides information on the number and types of tax identity fraud incidents as well as tips for avoiding becoming a victim. For those whose identity is stolen, the article explains how to limit the damage.

10.21.16

Is Your Restaurant Prepared for the New Overtime Rules?

The Department of Labor’s new overtime rules will take effect on December 1, 2016. So, if you have been putting off crunching the numbers, it is time to take a hard look at your restaurant’s operations, determine the impact of the new overtime law on your bottom line and evaluate your options.

10.18.16

The Real Estate Professional Exception

The passive activity loss rules can become a huge roadblock for taxpayers involved in rental activities. This article discusses a case that demonstrates how work done as an employee can help qualify a taxpayer for the benefits of the real estate professional exception.

10.17.16

Six Useful Steps to Evaluating Software and Cloud Solutions

We recently had a Tip of the Day in the bi-monthly newsletter, the Granite Scoop, that suggested you should “Invest in tech to succeed.” While that tip is, in our opinion, awesome – it perhaps leaves you wanting more. What technology should I invest in? How do I ensure I’m choosing the correct solution? Is it […]