New Overtime Rules for Salaried Employees
On April 23, 2024, the Federal Department of Labor (DOL) released a final ruling to raise the minimum salary threshold for overtime compensation. This new rule outlines new overtime pay… [Read More]
Observations
Setting Every Community Up for Retirement Enhancement 2.0 Act of 2022 (SECURE 2.0).
Caitlin Ernst / Observations, Tax /
In late December 2022, Congress passed, and the President signed, an omnibus budget bill that included the Setting Every Community Up for Retirement Enhancement 2.0 Act of 2022 (SECURE 2.0).… [Read More]
FinCEN Beneficial Ownership Information (BOI) Reporting
Caitlin Ernst / Observations, Tax /
There is a new reporting requirement coming soon that affects many small business owners. For 2024, small businesses will be filing a beneficial ownership information (BOI) report with a branch… [Read More]
Roth Catch-Up Contributions Postponed
Caitlin Ernst / Observations, Tax /
September 14, 2023 The SECURE 2.0 Act had a little noticed provision that would, in 2024, not allow high earning employees to make deductible “catch-up” contributions to retirement plans. Such… [Read More]
QuickBooks Update
Caitlin Ernst / General, Observations, Tax /
This year, Intuit made announcements regarding their popular accounting software, QuickBooks. We have been monitoring these changes closely as we know many of our clients rely on QuickBooks. Below is… [Read More]
New Hampshire Research and Development (R&D) Credit
Caitlin Ernst / Observations, Tax /
As the weather turns warmer and our thoughts turn to summer, we would like to remind you that some businesses who apply and receive federal research and development credits may… [Read More]
W-2 Reporting for S-Corp Shareholder Employees
Caitlin Ernst / Observations, Tax /
Just a little reminder from Maloney and Kennedy, though we think you may already be on top of it… If your S corporation pays health and accident insurance premiums on… [Read More]
Increase in Gift Exemption Amounts
Caitlin Ernst / Observations, Tax /
Taxpayers can transfer substantial amounts free of gift taxes to their children or other donee each year per person through the proper use of the annual gift exclusion. The current… [Read More]
New Hampshire Paid Family & Medical Leave
Caitlin Ernst / Observations, Tax /
The state-sponsored New Hampshire Paid Family & Medical Leave insurance plan (“NH PFML”) is available for all employers and eligible employees. This plan allows employees to purchase PFML insurance that… [Read More]
Meals & Entertainment for 2021 and 2022
Caitlin Ernst / Observations, Tax /
The Taxpayer Certainty and Disaster Relief Act of 2020 provides a temporary exception to the 50% limit on the amount that businesses may deduct for food or beverages. The temporary… [Read More]