News, Hints, and Tips

Section 179 of the U.S. tax code offers a tax incentive to small and medium-sized businesses by allowing them to take a full deduction on tangible assets in the year items were purchased and put into service. The cost of such major purchases would generally have to be depreciated over time, but using the Section […]

The Department of Labor announced in April 2024 that it would increase the salary threshold required to exempt a salaried bona fide executive, administrative or professional employee from federal overtime pay requirements. According to a DOL release, “Effective July 1, 2024, the salary threshold will increase to the equivalent of an annual salary of $43,888 […]

It’s long been a policy that employees are exempt from the Fair Labor Standards Act’s minimum wage and overtime protections if they are employed in a bona fide executive, administrative or professional capacity. To fall within this EAP exemption, an employee generally must meet three tests, according to the DOL: Be paid a salary, meaning […]

The concept of retirement is stressful for many people. Retiring in and of itself can be worrisome because it essentially entails a life where you no longer work yet you still need to support yourself. In addition to worrying about money, others wonder how they will fill the time. As such, the possibility of being […]

The Secure 2.0 Act allows for features in employer retirement plans to encourage their use. The changes are designed to encourage employees to contribute to 401(k) or 403(b) plans, allowing you to offer small financial incentives to employees. If employers use a little financial motivation, it’s considered part of employees’ income and is subject to […]

Even before Labor Day, the IRS issued an advisory memo encouraging taxpayers to consider using the end of the summer to make tax withholding or payment updates to avoid a potential surprise next year at tax time. Said the IRS: “While most taxpayers get a refund after filing their taxes, many also find they unexpectedly […]

To start a business, first, you need a business plan to clarify your vision and operations. It serves as a management tool to help you raise money, if required, to grow strategically and track your progress. Standard contents of your document typically include your goals, marketing strategy, target markets, competitor analysis, and financial plans. However, […]

What’s involved in financial planning? Your cash flow, savings, debt, investments, insurance and other such elements of your financial life. Financial planning also impacts estate planning. It’s an ongoing process. Here are some steps to consider when making a financial plan: What are your goals? Identify what you hope to achieve and how you’d like […]

There’s something known as the Taxpayer Bill of Rights, and it was put into place by the Internal Revenue Service itself. This list of 10 rights pertains to instances where you file your tax return, pay your tax balances, respond to letters or notices, experience being audited or appeal a decision made by the IRS […]

Join JRBT Shareholder and Payroll Systems Director of Operations, Vicki Stalnaker, CPA, CPP, as she discusses the latest Employee Retention Credit updates for August 2024. In this video, Vicki covers the recent IRS announcements, including new warning signs of incorrect claims, the reopening of the Voluntary Disclosure Program and important details about the Second Retention […]