After much anticipation, on September 24, 2019, the U.S. Department of Labor (DOL) has announced its long-awaited Final Overtime Rule to update the federal overtime regulations governing which employees are entitled to minimum wage and overtime pay under the federal wage and hour law by increasing the salary level required under the executive, administrative and professional (EAP) white-collar exemptions. The Final Overtime Rule is effective as of January 1, 2020.

An S corporation must comply with several strict requirements or risk losing their tax-advantaged status. Among other things, they can have no more than 100 shareholders, can have no more than one class of stock and are permitted to have only certain types of shareholders.

In an estate planning context, it’s critical that any trusts that will receive S corporation stock through operation of your estate plan be eligible shareholders.

Asset protection (sometimes also referred to as debtor-creditor law) is a set of legal techniques and a body of statutory and common law dealing with protecting assets of individuals and business entities from civil money judgments. The goal of asset protection planning is to insulate assets from claims of creditors without perjury or tax evasion.

If you are a business owner, you may be wondering if you can pay bonuses in 2018, but deduct them in 2017.  Is it even possible?

The answer is Yes, but only if:

1. Your company uses  accrual-basis accounting.
2. The bonuses were earned in 2017 and are paid by march 15.
3. Bonus liability must be fixed by the end of 2017.

This process can be complicated, which is why you should talk to a experience CPA.

Looking for ways to minimize your company’s 2017 tax bill? Consider the domestic production activities deduction (DPAD). Often referred to as “manufacturer’s deduction,” the DPAD can also be claimed by many construction engineering, oil and mining, software and other business.

This article was sponsored by Tax1099.com. The fastest way to e-file 1099s.  For more information about Tax1099’s services or the requirements for tax information returns check out their website and Knowledge Base.

Penalties Pop-Quiz

How much do you know about penalties for 1099 forms? Test your knowledge on these true and false questions. If you’re not in the mood, don’t worry – the answer key is just below.

One of the advantages of operating your own business is hiring family members.  If you are self-employed, hiring your children to work for you can provide spending money for them and tax savings for you. But make sure you follow the guidelines.

On September 11, 2016, The Arkansas Society of Certified Public Accountants (Arkansas CPA Society) will mark its 100th anniversary. The organization has since grown to become one of the largest professional associations in Arkansas with more than 3,600 members.

To recognize the centennial anniversary, Arkansas Governor Asa Hutchinson has issued an official Proclamation, declaring September 11, 2016 as Certified Public Accountants Day, to honor and celebrate the Centennial anniversary of the Arkansas Society of CPAs and to increase awareness of the significance of the organization and its importance. Allen Pierce, was among the distinguished group of CPA’s invited by Arkansas Governor Asa Hutchinson to celebrate such an important event for the accounting industry.

Why do I need to hire a CPA? This is a question we hear often, and in this blog we will provide you with 8 reasons why you should hire a certified public accountant.

CPAs act as advisers to individuals, businesses, financial institutions, nonprofit organizations, and government agencies on a wide range of financial matters.