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Florida Amendment 2. Raise Minimum Wage

by Steven J Weil, PhD, EA, LCAM | Sep 23, 2021 | Uncategorized

Raises the minimum wage to $10.00 per hour effective September 30th, 2021 and then increases it annually by $1.00 per hour until the minimum wage reaches $15.00 per hour in 2026 and then reverts to being adjusted annually for inflation. Here’s what the minimum wage...

Senate Finance Committee Chairman, and Ranking Member Disagree With Treasury’s PPP Guidance On Deductibility

by Steven J Weil, PhD, EA, LCAM | Nov 19, 2020 | Uncategorized

Senate Finance Committee Chairman Chuck Grassley, R-Iowa, and Ranking Member Ron Wyden, D-Ore., have criticized Treasury’s latest PPP guidance on deductibility as missing “the mark.” “Since the CARES Act, we’ve stressed that our intent was for small businesses...
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Blog

2023 Business Standard Mileage Rate 65.5¢

Jan 11, 2023 | Blog, Business Tax

The IRS has announced the new 2023 standard mileage rates. The rate for business use of an auto increases 3 cents per mile, from 62.5 cents in 2022 to 65.5 cents for 2023. The standard mileage rate for medical miles remains 22 cents per mile for 2023 (the remaining...

Be Careful Not to Violate Child Labor Laws

Jan 9, 2023 | Accounting, Blog

A recent investigation by the Department of Labor (DOL) found that 11 franchisees in 6 states of the Utah-based Crumbl Cookies bakery company violated federal child labor laws. According to the Fair Labor Standards Act (FLSA), whether school is in session or not, 14...

Did You Start a New Business Last Year?

Jan 6, 2023 | Blog, Business Tax

If so, start-up expenses would be deductible as ordinary and necessary business expenses if incurred after the business is underway.  If expenses were incurred before the business is up and running you can elect to deduct up to $5,000 in pre-opening start-up expenses...

What Does $1.7 Trillion Buy?

Jan 4, 2023 | Blog

Here’s what you need to know about the $1.7 trillion spending bill passed by Congress and signed by the President, known as the Consolidated Appropriations Act of 2023 (CAA). This is the largest spending bill in history, and other than authorizing the government to...

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