Category: Business Practices
Guest Author Zana Tomich: Department of Labor overtime changes bring new wrinkle to employers
As I talk to employers in various industries, one of the most common misconceptions that I hear time and time again is that as long as an employee is paid salary, there is no need to worry about paying overtime....
Commercial loan underwriting: The criteria for lending
Businesses must have access to capital for many reasons, including common requirements such as: Start-up of a business Growth and expansion Major asset acquisitions On-going working capital I have had the privilege of working with the U.S. Small Business Administration...
Employee benefit plan audits: Making the right choice
If you are an employee benefit plan administrator who is working on your 401(K) Plan’s 2015 financial statements that will be submitted to the Department of Labor (DOL) as part of the Plan’s Form 5500 filing, you may have received...
Reporting embezzlement to the IRS
If you’re an employer who has been the victim of embezzlement, you’re not alone. According to a survey conducted by the Association of Certified Fraud Examiners (ACFE), U.S. organizations lose approximately 7 percent of their annual revenues to fraud. Embezzlement,...
SR Glossary: Foreign ownership of U.S. rental property
The method by which rental income will be taxed depends on whether or not the foreign person who owns the property is considered "engaged in a U.S. trade or business." Ownership of real property is not considered a U.S. trade...
SR Client Questions: Employee stock transfers and “S” Corporations
Question: An “S” corporation is considering transferring stock to an employee/physician. What are the tax and related economic issues? Answer: Tax Law – Code Section 83: The controlling IRS code section determining the tax consequences for both the recipient/employee and the...
Minimizing tax implications during “C” to “S” corporation conversion
Many companies find that converting from "C" corporation to "S" corporation status can be beneficial from both a tax and operation standpoint. C corporation owners can convert their company to an S corporation without triggering an immediately taxable transaction in...
FLSA laws and common employers
Below is background and support relating to questions surrounding wage and hour issues for common employers under FLSA laws. 1) Concurrent Employment This is any situation whereby an employee of one client also does work, in the same pay periods, for a...
Understanding Forms 1095-B and 1095-C
Forms 1095-B and 1095-C are a new requirement for some small employers and all large employers. These information forms are used to report to individuals the months of medical insurance coverage and affordability. An employer is considered to be large...
Taxation of prizes and awards for employees
Prizes and awards paid to employees are normally includable in an employees’ income and would be subject to all withholdings and payroll taxes. During the holiday seasons many of our clients, as employers, want to pay their employees various types...