Harless Tax Blog
Businesses beware! The Department of Labor is cracking down...here are some important items to consider.
From Paycor. Read Original Article >
Employers Across the Country Are Paying the Price for Wage and Hour Violations: Are You Next?
The next big compliance update facing organizations in 2016 is the release of the Department of Labor’s (DOL) revised regulations for the Fair Labor Standards Act’s “white collar” overtime exemptions. Though a final ruling is yet to be announced, businesses that employ workers with salaries under $50,440 should consider the best course of action to comply with the new regulations.
According to Paycor data, more than 65% of businesses could be impacted by new overtime rules. Others estimate that as many as 5 million more workers will be eligible for overtime protection. As a result, many HR departments across the country are evaluating their employees to determine their correct classification. See More
Restaurants also need to keep a tight control on inventory. It’s recommended that inventory be taken each week or once a month at the least to prevent theft and keep food cost under control. Another opportunity for theft occurs due to cash handling and discounts through the POS (point of sale) system. By using appropriate software like QuickBooks, it is possible to run reports to track all discounts, find out who is running them and create audit reports. Restaurants and retailers also need to keep up with sales tax returns. See More
By Steve R. Harless, CPA
Small business owners like restaurateurs or retailers set up shop because they love food, clothing, birdhouses or whatever items they happen to carry. These folks do not typically go into business because they harbor a secret desire to spend hours pouring over spreadsheets and filing taxes. Thus, almost any small business owner will find much benefit in working with an outside accounting firm. Not only can the accounting team handle bookkeeping, recommend software and train staff to use it and help with everything from inventory tracking to tax reporting, but working with an outside accounting firm will force internal staff to be more accountable. This could result in avoiding pitfalls like embezzlement, waste and disasters at tax time. See More