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Business Law

Friday, December 27, 2019

SECURE Act: How It Will Affect You and the Beneficiaries of Your Retirement Accounts


On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). The SECURE Act, which is effective January 1, 2020.

 

The Act is the most impactful legislation affecting retirement accounts in decades. The SECURE Act has several positive changes: It increases the required beginning date (RBD) for required minimum distributions (RMDs) from your individual retirement accounts from 70 ½ to 72 years of age, and it eliminates the age restriction for contributions to qualified retirement accounts. However, perhaps the most significant change will affect the beneficiaries of your retirement accounts: The SECURE Act requires most designated beneficiaries to withdraw the entire balance of an inherited retirement account within ten years of the account owner’s death.
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Sunday, November 3, 2019

What Records Do Small Businesses Need to Keep for Taxes?


What Records Do Small Businesses Need to Keep for Taxes?

Tax season is just around the corner, so now is a great time to make sure that you are retaining all the documentation you need to back up the income, deductions, and credits listed on your small business’s tax return. Keeping the proper records is not optional—it is required by the Internal Revenue Service (IRS).

Recordkeeping System

The IRS does not require a specific type of recordkeeping system. Rather, you must simply use one that clearly shows your income and expenses. Although the type of business you own affects the types of records you need to retain for taxes, in general, you should keep records (either hard copies or electronically) summarizing your business transactions.
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Tuesday, October 29, 2019

New Overtime Rules Issued by US Department of Labor


Attention Small Business Owners: New Overtime Rule Issued by the Department of Labor

At the end of September, the Department of Labor issued a new overtime pay rule that will take effect on January 1, 2020. According to the Department of Labor, the new rule will make 1.3 million American workers newly eligible for overtime pay. It is important for small businesses with employees to be aware of the changes to avoid violating the rule by misclassifying their employees, which could result in the payment of back overtime, civil or criminal penalties, and damages.

The Basics

Under the Fair Labor Standards Act (FLSA), employers must pay employees overtime pay (1 ½ times their regular hourly rate) for hours worked exceeding 40 hours in a workweek unless the employees are exempt because they are (1) paid a salary (2) of at least a minimum amount and (3) meet certain tests regarding their job duties.
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Sunday, June 2, 2019

Dealing with Negative Online Reviews of Your Business


Dealing with Negative Online Reviews of Your Business

You’ve worked hard to build your small business. Nothing is more frustrating than negative online reviews, particularly if you feel they are unjustified or have been posted in bad faith. There are several steps that you can take to prevent your business’s reputation from being damaged by unfavorable reviews.

Respond promptly and professionally. More and more potential customers are turning to internet review sites like Yelp or Google My Business when they are making decisions about which businesses to patronize.
Read more . . .


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| Phone: 724.733.8832
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| Phone: 412.675.0940

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