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NEW OVERTIME RULES

The Department of Labor issued final regulations on May 18th on new overtime rules.  These rules will become effective 12-1-2016. Under these rules, more employees will be subject to overtime pay than under current law. From the news release today from the DOL: Key Provisions of the Final Rule The Final Rule focuses primarily on […]

2015 Tax Issues – Continued

Additional year-end information for small businesses. Tangible Property Expensing: On November 24, the IRS raised the safe harbor threshold for expensing eligible capital acquisitions from $500 to $2,500. This increase applies to businesses that do not have audited financial statements. The threshold applies to any item that is substantiated by an invoice and is effective […]

IRS Regulations are a Moving target for 2015 Tax Season

in September 2013, the Department of the Treasury finalized rules for the capitalization of tangible property, with the purpose of clarifying the line between expenditures that should be deducted as repairs, and those that must be capitalized and depreciated.  These new rules apply to every business taxpayer (sole proprietor-Schedule C, rental property- Schedule E, farmer-Schedule […]

Business Personal Property Tax Listings-Don’t pay taxes on assets you don’t have!

Business personal property tax listings are due at the end of January.  County tax offices use these listings to determine taxable value and to assess property taxes.  Even though your business may have fully depreciated an asset, the county tax office still assigns a value to assets which may be up to 20% of the […]

Health Insurance Reimbursement Plans

Under the provisions of the Affordable Care Act, employers will no longer be able to offer pre-tax reimbursement to employees for health insurance premiums paid by the employee individually. If an employer offers this benefit to more than one employee, then this violates the Affordable Care Act and will subject the employer to penalties. If […]

2014 Payroll Update

Dear Clients and Friends: With one year ending and another one beginning, payroll data and files need to be updated. The notices for the 2014 NC unemployment tax rates for businesses are in the process of being mailed. Please remember to update your payroll tax tables for this change after processing the last payroll for […]