BHT&D Certified Public Accountants Blog

Law Changing Overtime Pay For Salaried Workers Is Blocked

Posted by Andrew Seiler on Sat, Nov 26, 2016 @ 09:00 AM

On November 22, 2016, U.S. District Judge Amos Mazzant from the Eastern Texas district issued an injunction to disallow the application of the Department of Labor’s March 23, 2016 “Final Rule” ruling on overtime requirements for salaried workers.

The Final Rule would have raised the minimum salary level to qualify for exempt employee status (EAP) to $913 per week ($47,476 annually), effectively requiring employers to pay overtime to many salaried workers.

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Tags: Payroll, Compensation, Overtime

What Does My Accountant Need For My Tax Appointment?

Posted by Mindy Pennock on Tue, Nov 01, 2016 @ 07:00 AM

The time spent getting organized for your tax appointment is priceless.  It gives you confidence that your returns will be filed timely, accurately, and that all qualified deductions are accounted for. 

Partnering with an experienced Certified Public Accountant can bring you piece of mind and possibly tax savings.  Here are some tips for making the best of that partnership: 

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Tags: Tax Planning, Tax Deductions, tax appointment

What Are The IRS Regulations For Deducting Trust And Estate Costs?

Posted by Aric Salgat on Mon, Oct 31, 2016 @ 07:00 AM

On May 9, 2014, the IRS published final regulations pertaining to certain costs incurred by estates and non-grantor trusts, and finally brought an end to some controversial issues surrounding the deductibility of certain costs.  

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Tags: Tax Planning, Tax Deductions, Estate and Trust Tax

Depreciation Options For 2016 Provide Significant Opportunities For Year-end Tax Planning.

Posted by Aric Salgat on Mon, Oct 24, 2016 @ 07:00 AM

Several provisions of the Protecting Americans from Tax Hikes Act of 2015 (PATH) impact Code Section 179 and taxpayer’s depreciation options beginning in 2016.  The highlights of those changes include the following:

  1. The elevated expensing limitation and the phase out limits have been made permanent and indexed for inflation. For 2016,
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Tags: Tax Planning, Depreciation Deduction, Section 179

45 Years And Counting For Virgil Biggs, CPA

Posted by Virgil Biggs on Mon, Sep 12, 2016 @ 07:00 AM

It seems like yesterday, but it was actually 45 years ago on November 1, 1971 when Connie and I opened the office on Bridge Street in Saranac, Michigan, two doors down from Larry's Store which was owned by my Dad.

I had been working for the national CPA firm of Alexander Grand & Company when Herb Talcott honored his promise to let me know when he was ready to retire. So, with 6 business clients and about 100 personal clients, we were off and running on our new adventure.

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Tags: Individual Tax Return, Small Business Accounting

How Long Should I Keep My Tax Records?

Posted by Joe Turnes on Mon, Sep 05, 2016 @ 07:00 AM

Many times throughout the year I get asked the question, “How long do I need to keep my tax records?” 

Generally, you should keep your records to support income, deductions or tax credits until the statute of limitations for that item runs out. While the answer may depend on your exact circumstance, you should generally follow the guidelines below:

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Tags: Tax Return, Small Business, Records Retention

Why Community Involvement Can Be Profitable for Your Small Business

Posted by Mindy Pennock on Mon, Aug 29, 2016 @ 07:00 AM

The geography of your community may be anything from a rural village to several city blocks, or even something more global.  The thing they all have in common is a support network for everyone calling that area home.  It is no secret that businesses are looked to as a major part of that support network, and for good reason.  We benefit financially, if we do things right, and should be in a position to give some back.

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Tags: Small Business, Community Involvement

It’s Time To File Form 2290 – Heavy Highway Vehicle Use Tax Return

Posted by Andrew Seiler on Wed, Aug 03, 2016 @ 07:00 AM

Taxpayers that have a taxable highway motor vehicle registered in their name must file an IRS Form 2290. 

For vehicles placed in service July 1, 2016 or earlier, the due date to file the return is August 31, 2016

The IRS is no longer sending out reminders and the penalties for late payment are significant.  Here are a few points to consider when filing Form 2290:

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Tags: Small Business, Vehicle Tax, Form 2290

Which Education and Tuition Tax Credits Am I Eligible For?

Posted by John Mellstead on Mon, Aug 01, 2016 @ 07:00 AM

If you, your spouse, or a dependent on your tax return is currently attending school, you may be eligible for an education tax credit. The two tax credits that may be available are the American Opportunity Credit and the Lifetime Learning Credit. 

These credits can be used on your federal tax return to help offset the financial burden of attaining a higher education.

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Tags: Tax Deductions, Tax Credit, Education

Update On Filing Deadlines For Forms W-2, W-3 and 1099.

Posted by Lori Shepard on Fri, Jul 01, 2016 @ 07:00 AM

The deadline for filing information returns requires Forms W-2, W-3, and 1099 with non-employee compensation to be filed on or before January 31 of the year following the calendar year to which such returns relate, regardless of whether the forms are filed on paper or electronically.  Please note the following due dates:

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Tags: W-2, 1099, Information returns