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On March 7, the Department of Labor released a proposed rule that would raise the so-called salary-level threshold for white-collar exemptions to $35,308 per year from $23,660. This means that the vast majority of employees earning under the threshold would need to be paid overtime. About 1 million workers may find themselves affected by this: Companies would have to classify them as nonexempt and pay them overtime — unless they are given raises that put them above the threshold.
Accounting Standards Update No. 2014-09, issued by the Financial Accounting Standards Board (FASB), establishes principles to report useful information to users of financial statements about the nature, timing and uncertainty of revenue from contracts with customers.
A capital gain is a profit made when you as an individual or business sell a capital asset — investments or real estate, for instance — for a higher cost than its purchase price. A capital loss is incurred when there's a decrease in the capital asset value compared with its purchase price. Almost everything you own and use for personal or investment purposes is a capital asset: a home, personal-use items like furnishings, and collectibles.
You may have passed on interruption insurance because policy costs range from $750 to $10,000 or more, depending on business size. But consider this: Today there are a greater number of earthquakes, storms, floods and heatwaves damaging businesses in major ways. Since 1970, the number of disasters has more than quadrupled worldwide.
Many people find it hard to come to terms with their own mortality, which can make transitioning wealth from one generation to the next very difficult. But putting it off, and worse still, not dealing with it, can be one of the worst mistakes we can make.
An Interest-Charge Domestic International Sales Corporation (IC-DISC) can help companies involved in foreign transactions — especially exporting — improve cash flow and reduce U.S. tax liability. An IC-DISC is a federal tax export incentive entity structuring available for U.S. companies that export goods and services to foreign countries.
Payable-on-death accounts are a type of bank account that, at the owner's death, lets the money remaining to pass directly to the beneficiaries named by the account owner. They offer an easy way to keep money out of probate. What's needed? Just properly notify your bank how you want to leave the money in the account — checking, savings, money market or certificate of deposit account. Even U.S. savings bonds can become a POD account. The bank and the beneficiary you name will do the rest. This bypasses probate.
First, if you're just considering getting a student loan at the beginning of a college career, what can you learn about student loans to help you offer advice to your kids as they get ready to head to college? Let's take a closer look.
Rules regarding expensing and deduction are complex. Managers should keep an eye on the latest rules to make sure their businesses are in compliance and are taking full advantage of the provisions.
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October 2020
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