Knowledge Center

Important Tax Figures for 2017

Every year, the dollar amounts allowed for various federal tax benefits are subject to change based on inflation adjustments and legislation. Here are some important tax figures for 2017, compared with 2016, including the estate tax exemption, Social Security wage base, qualified retirement plan and IRA contribution limits, driving deductions, allowable business write-off amounts and more.

New Overtime Rules Suspended for Now

Although new overtime regulations were set to kick in on December 1, a federal district court has moved to block the changes, at least temporarily. What does this mean for employers and what should they do now? Whether businesses should immediately drop plans to comply with the new rules, or move forward anyway, may not be a simple question for employers to answer. Here’s more.

New Version of Form I-9 Issued

Federal law requires every employer that hires an individual for employment in the United States to complete Form I-9, “Employment Eligibility Verification.” The U.S. Citizenship and Immigration Services (USCIS) recently issued a new version of Form I-9 that employers must start using soon. Here are the details of the new form.

Get Ready Businesses: Some Filing Due Dates Are Changing

Upcoming due dates for some business tax returns are changing due to legislation passed last year. In addition, the filing deadlines for Forms 1099-MISC and W-2 are also changing in 2017. This means you’ll have to submit information to the IRS earlier than in the past.

Year-End Tax Strategies for Small Businesses

Are you looking for last-minute strategies to help lower the 2016 tax bill for your small business? Here are some effective tax-saving moves, based on current tax law, that may be worthwhile.

Hernandez & Company has been listed as one of the Top 25 Accounting Firms in South Florida

Hernandez & Company, CPAs, has been named one of the “Top 25 Accounting Firms” in the region by the South Florida Business Journal.

Are You Ready for the New Overtime Rules?

The U.S. Department of Labor released a new final overtime rule in May, and it recently published additional guidance to flesh out certain details. The new guidance, which is scheduled to go into effect on December 1, 2016, is expected to significantly reduce cash flow in many industries. Here are the highlights, including possible implementation strategies to consider.

7 Tax-Savvy Ways to Give to Charity

haritable giving isn’t just good for society and your karma — it can also lower your tax bill, if you follow federal tax rules and keep detailed records. When the philanthropic mood strikes you, think beyond cash and online donations. Here, we provide several creative alternatives for sharing your good fortune with your favorite charity, as well as advice on how to receive a “gift” of your own from the IRS.

Overtime Pay Rules: Avoid Making Costly Wrong Assumptions

Overtime pay has been in the news a lot lately because of upcoming changes in the income threshold for exempt status. Those changes take effect in December. But even as employers are gearing up for that development, many are getting tripped up by long-standing overtime pay rules. This article discusses some recent examples.

Transfer Business Ownership or Remain Boss?

For family business owners, estate planning can be a challenge. Often, most if not all of their wealth is tied up in their companies, which creates a conflict between the desire to transfer ownership to the next generation and the desire to stay in control. One potential solution is to recapitalize the business into voting and nonvoting shares. This article details this technique.

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