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The new overtime rule takes effect on December 1, 2016. Employers, are you ready? Employees, are you aware?
According to the Department of Labor as it relates to the new overtime rule update, “The updates will impact 4.2 million workers who will either gain new overtime protections or get a raise to the new salary threshold.” Essentially, “The rule increases the salary threshold below which most white-collar, salaried workers are entitled to overtime from the current $455 per week (or $23,660 for a full-year worker) to $913 per week (or $47,476 for a full-year worker).” In other words, once your threshold is reached, you are entitled to overtime pay. Intricate calculations for commissions, bonuses (discretionary/non-discretionary) further complicate the changes for employers prompting employers to explore options most beneficial to them and their respective affected employees. Due to FLSA, compliance of this overtime rule is required for businesses with gross annual sales of $500,000 or more, or that are involved in interstate commerce. Business requirements are ever-changing and keeping up with the slew of changes can be challenging and taxing. Speak to your CPA today and ensure that your business relationship encompasses compliance with the new overtime rule.  The IRS announced a Special Relief program designed to help support Leave-Based Donation Programs to aid victims of Hurricane Matthew.
The IRS advised that, “Under these programs, employees may forgo their vacation, sick or personal leave in exchange for cash payments the employer makes, before Jan. 1, 2018, to charitable organizations providing relief for the victims of this disaster.” Therefore, if you are an eligible taxpayer, optimize your tax experience by notifying your Tax Professional of this tax benefit on your upcoming tax return. The IRS also advised employers and employees that are donating their vacation, sick, or personal leave to victims of Hurricane Matthew that, “…the donated leave will not be included in the income or wages of the employees.” Note, however, that employers will be allowed to deduct the cash payments as a business expenses. (IRS). It’s a WIN for the victims; it’s a WIN for the employees; and it’s a WIN for the employers. With Thanksgiving in the air, this is a ‘Right on Time’ tax benefit for those affected.  Directory of Tax Professionals As the impending tax season slowly emerges, be aware that the Internal Revenue Service (IRS) have a Directory of Federal Tax Return Preparers, along with Credentials and Select Qualifications. You can access this directory by visiting:
http://irs.treasury.gov/rpo/rpo.jsf If you’re unsure what level of designation (EA, CPA, etc.) would be perfect for you, use the Choose A Tax Professional link to assist you, which is option 1 at this link: https://www.irs.gov/tax-professionals/e-file-providers-partners/choose-a-tax-professional Anyone with a Preparer Tax Identification Number (PTIN) can prepare a tax return for a client. However, tax return preparers have differing levels of skills, education and expertise. This searchable directory is intended to help you with your choice by providing a listing of preparers in your area who currently hold professional credentials recognized by the IRS. Also, you may use this Directory to check if your current Tax Professional is a listed professional, including their level of designation. It will help you get a peace of mind that your tax return is being prepared optimally for your benefit, without compromising your freedom or taking the risk of being hit with unnecessary fines, fees, penalties, and in some cases – imprisonment. Tax Largie, Inc’s President/CEO is a listed professional. Your business or individual tax returns are in good hands with us. Contact Us; We Can Help! Unclaimed 2012 Tax Refunds: $950,000,000! As of March 2016, the IRS provided a list – per state – of the estimated number of individuals and potential TAX REFUND that remains unclaimed by individuals that simply did not file their 2012 income tax returns.
GREAT NEWS! Tax Largie, Inc. would be happy to assist you with filing your 2012 income tax returns and assist you with claiming, where applicable, your portion of the refund currently being held by the Internal Revenue Service (IRS). Contact Us; We Can Help! See the list below to see your state, estimated number of unclaimed potential refunds available for each state. State/District & Totals Alabama - $16,684,000 Alaska - $5,019,000 Arizona - $22,078,000 Arkansas - $8,987,000 California - $82,782,000 Colorado - $16,961,000 Connecticut - $11,511,000 Delaware - $4,012,000 District of Columbia - $3,343,000 Florida - $58,598,000 Georgia - $29,395,000 Hawaii - $6,091,000 Idaho - $3,652,000 Illinois - $38,893,000 Indiana - $20,448,000 Iowa - $9,917,000 Kansas - $9,811,000 Kentucky - $12,122,000 Louisiana - $19,767,000 Maine - $3,432,000 Maryland - $21,108,000 Massachusetts - $19,714,000 Michigan - $32,118,000 Minnesota - $12,981,000 Mississippi - $9,325,000 Missouri - $19,886,000 Montana - $3,083,000 Nebraska - $4,720,000 Nevada - $11,280,000 New Hampshire - $4,284,000 New Jersey - $30,016,000 New Mexico - $7,181,000 New York - $56,310,000 North Carolina - $24,469,000 North Dakota - $2,682,000 Ohio - $33,321,000 Oklahoma - $17,411,000 Oregon - $12,820,000 Pennsylvania - $38,243,000 Rhode Island - $3,014,000 South Carolina - $10,648,000 South Dakota - $2,707,000 Tennessee - $17,318,000 Texas - $93,998,000 Utah - $6,316,000 Vermont - $1,689,000 Virginia - $26,297,000 Washington - $25,292,000 West Virginia - $4,870,000 Wisconsin - $10,837,000 Wyoming - $2,908,000 Totals - $950,349,000! Contact Us; We Can Help! |
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