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Be proactive! On December 1, 2016, the minimum salary threshold for the FLSA's white-collar exemptions increases to an annual $47,476.

This more-than doubling of the salary test is the biggest change to the FLSA in decades, and will add an approximate 4.2 million employees to the ranks of the non-exempt, to whom you must pay overtime if they work more than 40 hours in a week.

As a result of this regulation, businesses will need to start tracking hours for exempt salaried employees who are at or below the $47,476 threshold.

If you have questions about this or other overtime rules and your business, contact any of our professionals at 216.831.0733 or info@zinnerco.com. We're ready to start the conversation. 

 

With summer vacation season almost upon us, people’s thoughts often turn to travel, and we thought it would be a good time to review the rules for deducting the costs of a business trip where you also take a vacation ("mixing business with pleasure").   These costs may be deductible, but are also subject to limitations.  We will discuss these limitations below.

 The Department of Labor has finalized new overtime rules under the Fair Labor Standards Act, ending months of speculation about how the proposal, which was introduced last July, would affect employers.

Deep into February, I begin to receive two very common questions:

The end of year brings about changes, extenders and provisions in the world of individual and business taxation. One of the IRS changes announced for 2016 is the 3.5 cent reduction in standard mileage rates for business use of a vehicle. 

The Highway Act changed the filing due dates of business income tax returns beginning for tax years after 12/31/15. Along with these changes the extension periods for other types of returns have also been updated. The following chart highlights these important revisions.

The Highway Act is making changes to our familiar due dates for business income tax returns. To recap current due dates, form 1120 (U.S. Corporation Income Tax Return) is initially due two and a half months after the close of the corporation’s tax year and can be extended for a six month period. 

Calendar year corporations are, therefore, initially due on March 15^th following the end of the calendar year and can be extended through September 15^th. Form 1065 (U.S. Return of Partnership Income) is initially due three and a half months after the close of the calendar year with an option for a five month extension. Calendar year partnerships are initially due April 15^th with an extension making the due date October 15^th.

Read more by Barb Theofilos: When Are Severance Payments Made to FICA?