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As a result of the State of Ohio paying off its unemployment compensation debt to the federal government, Ohio employers will reap the benefit of lower Federal Unemployment Tax they pay this coming January.  According to the Ohio Department of Job and Family Services, the state paid the remaining balance of nearly $218 million to satisfy its obligation to the federal government earlier this year.

(Bloomberg) An Obama administration policy that would have given more white-collar workers overtime starting Dec. 1 was blocked nationwide by a federal judge in Texas. The decision Tuesday is a victory for 21 states and dozens of business groups that sued, complaining the new rule would increase government costs in their states by $115 million next year alone and would put private employers on the hook for millions of dollars more, possibly leading to layoffs.

 

There are changes in due dates coming for many different business tax returns beginning in 2017, and many business owners are unaware of these changes.  What’s changing and how is it changing?

The October 1st deadline is fast approaching...

If you have less than 100 employees, you have until October 1 to set up a SIMPLE IRA plan for you and your employees.  Keep in mind that you can't have another qualified retirement plan (example: a 401(k), 403(b), profit sharing, or defined benefit plan) and a SIMPLE IRA.

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.

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.