Do Not Take Tax Chances on Gambling
At the slots or online, remember to keep records. The Basics of Reporting Winnings You generally must file a tax return and include all winnings in gross income. Gambling income includes, but is not limited to winnings from lotteries, raffles, horse races and casinos. It also covers cash winnings and the fair market value of such…
Could Travel Per Diems Simplify Employee Expense Reimbursements?
The process of submitting and approving expense reports for business travel can be an administrative hassle if your business reimburses employees for actual travel expenses. Fortunately, the IRS offers simplified alternatives that can save time and reduce recordkeeping. Per Diems vs. “High-Low” Rates Instead of reimbursing employees for their actual expenses for lodging, meals and incidentals while traveling,…
Federal Contractors Get a Minimum Wage Increase in 2018
The U.S. Department of Labor’s Wage and Hour Division (WHD) has announced that the minimum wage rate for federal contractors will increase from $10.20 per hour to $10.35 per hour, effective January 1, 2018. Background Information On February 12, 2014, President Obama signed Executive Order 13658 which established a minimum wage rate for federal contractors. The…
Firm Proves the Value of Brainstorming
Some people question the value of brainstorming, claiming that face-to-face brainstorming is inefficient compared to coming up with ideas all alone, casting doubt on the value of brainstorming as a problem-solving or idea-generating technique. After doing some research of their own, two Stanford University professors, Robert Sutton and Andrew Hargadon, argued the folly of judging the…
Six Smart Reasons to Keep Scrupulous Records
In order to qualify as a tax-exempt entity, a not-for-profit organization must comply with certain federal income tax laws. To prove compliance, you must maintain records. There is no required recordkeeping system. Your organization can choose any system that suits its activities and clearly shows your income and expenses. It is prudent for not-for-profit organizations to keep scrupulous…
Collaborative Divorce: A More Civilized Option
Once upon a time, one person sitting across a divorce negotiating table was the love of the other person’s life. They may have dreamed about what their children would look like and taken sunset walks on the beach. Now they may not be able to can look at one another. Divorce isn’t exactly the happily-ever-after they…
What to Expect in a Deposition
Let’s say you’ve been summoned to give a deposition. It might send shivers up your spine, but it may be the one time you can tell your story. Only there’s no judge, no jury. A deposition is a strategic tool that lawyers on both sides use to dig for the facts before a case goes Being…
How to Maximize Tax Breaks for Work-Related Education Costs
School is back in session. So, it’s time for a refresher on tax breaks for work-related education expenditures. Here’s what individual taxpayers need to know. Are You Self-Employed? Self-employed individuals may be eligible to deduct qualified work-related education expenses on their business tax forms. Self-employeds don’t have to worry about the 2%-of-adjusted-gross-income limit for itemized deductions or the…
Non-Compete Agreements: What Can They Accomplish?
It may seem ironic that companies encourage innovation and brilliance while employees are on the payroll, but pull the plug on that ambition if they dare to leave. But non-compete agreements attempt to do just that to control damage. State Laws Vary Laws regarding non-compete covenants vary from state to state. For example, courts in California…
Safeguarding Customer Privacy
Federal and state laws are becoming more stringent when it comes to the information you can share about your customers. For Sale on the Internet Technology has facilitated the ability to access high quality fake identification tools such as driver’s licenses, birth certificates and Social Security cards. The ease of creating authentic-looking counterfeit documents and obtaining…