November 16, 2016
LBF would like to remind our clients that new overtime laws will be taking effect starting December 1, 2016. Please be aware that with these new provisions, all professional, administrative, and executive employees must earn a salary of at least $47,476 ($913 per week) in order to be considered "exempt" from overtime pay. Employers may consider the following options to be in accordance with the new law:
You can find more details here.
We'd like to draw your attention to the new 1099 forms for 2021. If you (as a business) prepare your own 1099’s, please be aware of the changes:
1099-NEC: This form reports nonemployee compensation and/or nonqualified deferred compensation (NQDC). If you are in the trade or business of catching fish, Box 1 may show cash you received for the sale...
We are pleased to announce that Congress changed some of the PPP rules over the weekend. It is important to note that several of the rules have been relaxed; those of you who were getting close to the end of your “8 week window” can now take a deep breath, as that period has been extended. As always, we are staying up-to-date as the new rules are rolled...
Many of you reading this have received, or will soon receive, the Payroll Protection Program (PPP) loan. And that’s good news. Not surprisingly, however, this distribution now shifts the focus to “what qualifies as forgiveness under this program?”
As of now if you spend at least 75% on payroll costs over an 8-week period, from the date you received the funds,...
