US Department of Labor-Final Rule: Overtime, Effective December 1, 2016
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US Department of Labor-Final Rule: Overtime, Effective December 1, 2016

Final Rule: Overtime Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales and Computer Employees under the Fair Labor Standards Act In 2014, President Obama signed a Presidential Memorandum directing the Department to update the regulations defining which white collar workers are protected by the FLSA’s minimum wage and overtime standards. Consistent with...

The Roadmap to Financial Success
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The Roadmap to Financial Success

Author: Philip C. Bateman, CPA, CFE Reflecting back on the year end 2015 audit and review cycle, which recently concluded, I am impressed with the financial condition of many of the Associations. Over the past couple of years, collections have improved in most associations, which has helped to offset inflation in other common area maintenance...

Congress Returns for Year-End Tax Legislation Push
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Congress Returns for Year-End Tax Legislation Push

Year-end 2016 is expected to bring a rush of tax-related legislation in Congress. Lawmakers will be up against a December 31 deadline to renew some expiring tax incentives and possibly pass new tax breaks for individuals and businesses. The year may end with what is often called a “Christmas Tree bill,” a bill that includes...

Natural Disaster Tax Relief and Preparedness
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Natural Disaster Tax Relief and Preparedness

Following a natural disaster, the affect such a calamity would have on ones taxes is likely the last thing on an individual’s mind—if it crosses his or her mind at all. However, as inconsequential of a thought as it may seem as an individual is contending with the physical manifestations of what a natural disaster...

ACA minimum essential coverage & “excepted benefits”
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ACA minimum essential coverage & “excepted benefits”

What are “excepted benefits” for ACA minimum essential coverage? The ACA created Code Sec. 5000A. Individuals must have minimum essential health insurance coverage, qualify for a health coverage exemption, or make an individual shared responsibility payment. Minimum essential coverage includes most government-sponsored health care programs, such as Medicaid, Medicare, and TRICARE.  Eligible employer-sponsored plans; individual...

Are IRS Q&As Authoritative Guidance?
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Are IRS Q&As Authoritative Guidance?

The Tax Code is among the most complex of all federal statutes. To explain the Code, the IRS issues guidance. Recently, the IRS has used the “Frequently Asked Question (FAQ)” format to explain some of the tax laws. At the same time, questions have arisen about the FAQs. May taxpayers rely on them like other...

How do I? Make Tax-Free Gifts for Tuition
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How do I? Make Tax-Free Gifts for Tuition

With the soaring cost of college tuition rising on a yearly basis, tax-free tuition gifts to children and grandchildren can help them afford such an expensive endeavor, as well as save the generous taxpayers in gift and generation skipping taxes. Under federal law, tuition payments that are made directly to an educational institution on behalf...

November 2016 Tax Compliance Calendar
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November 2016 Tax Compliance Calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of November 2016. November Employers. During November, ask employees whose withholding allowances will be different in...