Federal, state and local authorities have indicted dozens of people and businesses in the U.S. and India accused of impersonating Internal Revenue Service employees demanding money from innocent taxpayers in the U.S.
Related: Follow our Fraud & Scam blogs
As a business owner, you're entering into transactions potentially on a daily basis. Suppose you enter into a transaction with someone, hurrying to get the deal closed as you're set to rake it in. It comes around to December, and your accountant is preparing a projection of what your tax liability will likely be for the year.
Then you get a call that you're going to owe a boat load of money to the government for that transaction you failed to consult with your accountant about beforehand. What do you do now?
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.
You may discover you made a mistake on your tax return. You can file an amended return if you need to fix an error. You can also amend your tax return to claim a tax credit or deduction.
Here are 10 tips from the IRS on amending your return:
It goes without saying that the death of one's spouse is typically an extremely difficult emotional trauma. When one loses a spouse, the last thing on the surviving spouse’s mind is the tax issues to be addressed.
Have Nagging Financial Questions?
