Finance

47 articles
May 2016 FLSA Ruling

May 2016 FLSA Ruling

The Department of Labor (DOL) has released the final regulation changes to Part 541, which governs overtime under the Fair Labor Standards Act (FLSA). These changes will directly affect employee status, pay, and more. These changes will go into effect on December 1, 2016. What has been changed? Increased salary threshold: The new ruling doubles the salary threshold for exempt…
HR vs Finance: Why Can’t We Be Friends?

HR vs Finance: Why Can’t We Be Friends?

Redsox vs Yankees, Microsoft vs Apple, Dunkin Donuts vs Starbucks - all of these rivalries have long, colorful histories behind them. However, rivalries are not confined to sports teams or corporate competitors. A grueling and long-fought rivalry takes place everyday at your organization; HR vs Finance. HR is mainly viewed as a department that deals with the people at an…
The Breakdown of a W-2

The Breakdown of a W-2

With April 15th right around the corner, getting your taxes filed is of the utmost importance. For many individuals, your W-2 is a key component to this process, but what do all these boxes mean? While some of the boxes may seem straightforward, many of them can be rather confusing. Here is a breakdown of what the boxes actually mean:…
Best-In-Class Payroll Practices

Best-In-Class Payroll Practices

Payroll isn’t just paying your employees for their hard hours worked; it’s much more than that. Payroll practices include hiring and firing, salaries, absence management, benefits, bonuses, and more. Along with all of these areas, payroll is also directly associated with Tax & Accounting, where a variety of laws come into play. Between regular tax law, overtime laws, and filing…
Preparing for a Business Audit

Preparing for a Business Audit

Tax Audit. The simple phrase is enough to send chills down a business owner’s spine. However, if a tax audit is prepared properly, the chills and uneasy feelings will become obsolete. In many cases, when the IRS contacts you about your return, it’s a simple matter. It could be a math error, or a request for further documentation for a…
How to Handle Unpaid Wages

How to Handle Unpaid Wages

After putting in your hard work day in and day out, the last thing you want to find out is that you did not get paid for your time worked. This blog addresses several scenarios in which you may have unpaid wages and how to deal with each of them. However, before you take any of these steps, you should…
Taxability of Cafeteria Plans

Taxability of Cafeteria Plans

A cafeteria plan allows employees to elect whether they would like to receive cash or taxable benefits as opposed to other qualified benefits that result in an exclusion from wages. Due to the fact that the employee has the option to receive cash or a taxable benefit under this plan, the qualified benefit is not taxable. The list below outlines…
What is Nontaxable Income?

What is Nontaxable Income?

The IRS has ruled that income may be received in the form of money, property, or services and is taxable unless specifically excluded by law. While nontaxable income may still have to be shown on your tax return, it is as the name implies, not taxable. Here are just a few of the more common types of nontaxable income: Gifts…
The Effects of the Same-Sex Marriage Ruling on Taxes and Benefits

The Effects of the Same-Sex Marriage Ruling on Taxes and Benefits

The Supreme Court’s recent ruling on same-sex marriage could have many implications on taxes and benefits offered by employers. In short, this ruling will simplify the process of meeting the legal requirements for taxes and employee benefits. Under the new ruling, there is technically only one type of spouse. While many states already offered benefits to same-sex couples, the Supreme…
A Quick Guide to Fringe Benefits

A Quick Guide to Fringe Benefits

A fringe benefit is an additional benefit supplementing an employee’s salary. When any type of service is performed for you, you are classified as the recipient of a benefit. On the other hand, when you perform a service for another party, you are classified at the provider of a benefit. Fringe benefits are a complex concept that often leaves employers…