by Steven J Weil, PhD, EA, LCAM | Oct 14, 2023 | Blog, Business Tax, Payroll Preparation
Calculating Reasonable Compensation Since reasonable compensation is important for S-Corporate Owners here is a list of some of the information that should be considered when calculating it. What would you need to pay someone else to do what you do? Which leads to the...
by Steven J Weil, PhD, EA, LCAM | Oct 5, 2023 | Blog, Business Tax, Payroll Preparation
What is Reasonable Compensation and Why Should I Care? If you own all or part of a S-Corporation you are required to receive reasonable compensation as wages — subject to payroll taxes as an employee of that S-Corporation. Positions like President, Treasurer or...
by Steven J Weil, PhD, EA, LCAM | Sep 22, 2023 | Blog, Payroll Preparation
Another Court Affirms Employees Overtime & Time Worked Pay Requirement The U.S. Court of Appeals for the Second Circuit has approved a ruling by a New York District Court finding that New York City Emergency Medical Technicians (EMTs) and paramedics were...
by Steven J Weil, PhD, EA, LCAM | Jun 13, 2023 | Blog, Payroll Preparation
Can employers refuse to pay employees for unauthorized overtime? I was recently asked by a client if he had to pay overtime to hourly employees who had ignored the company policy that all overtime must be approved in advance. He explained that he had told two of his...
by Steven J Weil, PhD, EA, LCAM | Jun 13, 2023 | Blog, Payroll Preparation
Do you know the minimum wage for your state? The current Florida Minimum wage is $11.00 per hour and it increases to $12.00 per hour on September 30,2023. The Federal minimum wage is currently $7.25 and employers must pay the greater of either the state or federal...
by Steven J Weil, PhD, EA, LCAM | Feb 17, 2023 | Blog, Business Tax, Payroll Preparation, Personal Tax
You don’t need paper copies of your return. Electronic copies will work just fine. You do need your electronic files in a format that does not allow easy alteration. PDFs and TIFFs are preferred and can be used to keep not only for returns but also as receipts and...
