Upcoming Changes to Overtime Rules

There are upcoming changes to overtime regulations as reported by the Fair Labor Standards Act (FLSA), effective December 1, 2016, which update the rules for determining whether salaried employees are subject to or exempt from the FLSA’s overtime pay protections. These regulations apply to most employers (referred to as covered employers), including employers with gross sales of $500,000 or more. For not for profit organizations, gross sales refer to activities with a business purpose. Employers with annual gross sales under $500,000 may still have covered employees subject to the new overtime rules if those employees are individually engaged in interstate commerce. The definition of interstate commerce is quite broad, examples of which include the shipment or receipt of goods across state lines or regular communication across state lines via telephone or mail.

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What’s New on the 2016 Draft Form 1040 and Related Forms

 

The IRS has released the draft forms and instructions for the 2016 tax year, including Form 1040 and its related schedules.  There are no drastic changes for the 2016 Form 1040.  The following summary will show where the most common changes will appear when filing for 2016.

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New Due Dates for W-3, W-2’s and 1099-MISC

The due dates for filing Forms W-3, W-2 and 1099-MISC have changed. 2016 Forms W-3 and W-2 are now required to be filed with the Social Security Administration by January 31, 2017, whether you file using paper forms or electronically. This is about one month earlier than their due dates in past years.

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The Cultural Alliance of Greater Washington has worked with Bormel, Grice & Huyett, P.A., since 1988. Their knowledge of the arts and the arts community make their services invaluable. They can translate accounting terminology into a comprehensive language. For many organizations, the accounting firm of Bormel, Grice & Huyett provides the financial "information bridge." We whole-heartedly recommend Bormel, Grice & Huyett, excellent accountants who care about our arts organizations.
Jennifer Cover Payne, Executive Director, Cultural Alliance of Greater Washington

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