Jun 13, 2019 | Not-for-Profit, Tax News
Making money for stakeholders is the primary goal of for-profit businesses. Nonprofits are different: their primary goal is benefiting their cause. To qualify as a nonprofit, the entity must serve the public good in some way. No individual or shareholder may profit...
Jun 11, 2019 | Business Planning, Tax News
In 2018, the DOL responded to a query regarding whether a “reasonable relationship” exists between a professional employee’s guaranteed weekly salary amount and the amount actually earned. The Fair Labor Standards Act’s “reasonable...
Jun 6, 2019 | Not-for-Profit, Tax News
Most of the estimated 1.5 million nonprofit organizations in the United States are 501(c)(3) organizations, but there are many other categories of nonprofits. The nonprofit’s membership, mission and structure dictate which category is most appropriate for your...
May 30, 2019 | Business Planning, Tax News
If you run a business, you need to know about the following forms. Form W-2 Employers must complete a Form W-2 for each employee. These wages and taxes are reported annually on the W-2. However, W-2s aren’t filed directly with the IRS. Instead, employers file...
May 29, 2019 | Business Planning, Personal Financial Planning, Tax News
If you hire workers from specific targeted groups, your business can claim a tax credit for a portion of their wages. The amount of credit varies with the group the new employee is part of. By claiming the credit, your firm reduces its out-of-pocket costs. And...
May 28, 2019 | Business Planning, Personal Financial Planning, Tax News
You may have a good reason to change your payday, but before you make your move, be sure to take into account various rules and implications. 1. Fair Labor Standards Act The FLSA requires prompt payment of wages but does not specifically address pay frequency or...
