The House Ways and Means Committee have released its first bill of the "Tax Cuts and Jobs Act." The 429 page proposed bill is the first look at the committee's proposed tax changes. There is still a long road until there is an actual bill passed by Congress. The bill still requires a vote in the House. The Senate then will attempt to pass a similar bill. Once both bills are passed, it will need to go through a process known as reconciliation where the House and Senate create a joint bill that will go to the President's desk for signature.
Although many private golf and country clubs turned a corner in 2016 and began to attract more members, overall membership and revenue have still not recovered the ground they lost since the onset of the Great Recession. The economic downturn accelerated demographic and lifestyle factors that were already impacting clubs.
Fox Business recently ran an article on a creative way non-for-profit universities have been raising funds. (See the article here). As a basic summary, universities have started renting out dorm rooms to people in order to raise additional funds to support the university. These creative ways to raise additional revenues come as enrollment numbers and state financing have been declining. With these creative fund raising ideas, non-for-profits need to be aware of unrelated business income and what effects these rules could have on their non-for-profit.
President Trump signed the Promoting Free Speech and Religious Liberty Executive Order on May 4, 2017. This Executive Order requests that the Treasury and IRS no longer enforce the Johnson Amendment, which does not allow 501(c)(3) tax exempt organizations to engage in certain types of political activities.
For tax year 2014, there were 43,965,083 individual tax returns filed that itemized deductions on Schedule A. The total amount of itemized deductions in 2014 were $1,206,705,085. Deductions relating to charitable cash contributions were $155,455,063 and other than cash contributions were $65,330,485.
Effective January 22, 2017, employers must use the revised form I-9, Employment Eligibility Verification Form.
U.S. District Judge Amos Mazzant, a federal judge in Texas, granted a preliminary injunction blocking the U.S. Department of Labor (DOL) from implementing a controversial rule expanding overtime protection under the Fair Labor Standards Act on Tuesday Nov. 22, 2016.
December and January are undoubtedly busy times for businesses with closing out their calendar years, gathering documentation for their accountants, tax preparers, and auditors, and filing wage and income information returns to taxing authorities for their employees and contractors. Unfortunately, adding to this year’s stress and complexities are some accelerated due dates for certain information returns. Below are those changes and some important reminders.
The Labor Department has issued a rule that doubles the salary threshold for overtime exemption, effective Dec. 1. This is a big change for business owners and workers alike. But why? And how big? Here’s an explanation.
What’s an overtime exemption? Is it good or bad?
It depends on which side of the payroll you’re on. Employers, generally speaking, like their workers “exempt.” Workers, by and large, prefer to be “nonexempt.” This is because to be “nonexempt” means to be protected under the minimum wage and overtime provisions of the Fair Labor Standards Act. Workers who are “nonexempt” are entitled to be paid a certain minimum wage (currently $7.25 per hour nationwide, but higher than that in most states), and are also entitled to be paid time-and-a-half for any time spent working beyond 40 hours in a week.