A bill that would delay the start of new federal overtime pay rules from December 1, 2016 to June 1, 2017 was passed and sent by the U.S. House of Representatives to the Senate. However, President Obama has indicated he will veto the bill if it hits his desk. The House bill was introduced shortly  Continue Reading »

You could be subject to penalties and taxes and if you miss the deadline for rolling over an IRA distribution to another IRA or eligible retirement plan. However, if you have a valid excuse, you may be able to obtain a hardship waiver from the IRS, but applying is time-consuming and expensive. Fortunately, the IRS  Continue Reading »

Tired of preparing all the documentation needed to support business travel expenses in and outside of Maine? Employees are required to collect receipts as they travel, noting the time, place and business purpose of each expenditure if your business reimburses employees for actual travel expenses. Then, monthly expense reports must be reviewed and approved by management.  Continue Reading »

Whether your Maine company has one vehicle on the road or dozens of vehicles, smart management can save you money. Familiarity with tax laws, simple maintenance steps and high-tech solutions can reduce the costs of operating your fleet and keep it safer. Start With Taxes Spending time with a financial professional is one of the best  Continue Reading »

A business trip is often meant to gain new customers and clients, or solidify relationships with current ones. Or perhaps it’s a time for sales calls and “meets and greets” with suppliers. In any event, the goal of business travel is generally to make money, not to squander it away on needless expenses. While it might be  Continue Reading »

You might have to close up shop for a while if your business is hit by a natural disaster; hurricane, windstorm, blizzard, or if it falls victim to arson or terrorism. As a result, you could suffer a major loss of income. A key component to continuing as a thriving enterprise after a disaster is to  Continue Reading »

While CFOs at most large U.S. companies have been working overtime themselves to prepare for the new overtime rule changes, many Maine small and midsize businesses haven’t been as quick to react. The deadline for the Department of Labor’s (DOL’s) new final overtime rule is scheduled to be December 1, 2016. Current Overtime Rule The Fair  Continue Reading »

It can be deceptively easy to take costs out of a business, at least initially. Cutting low-hanging fruit such as providing coffee in break rooms, consulting services, laying off temporary employees or removing a layer of management can result in considerable savings. However, sustaining these savings can be difficult, as over time, decisions will be  Continue Reading »

Many banks in Maine, and other states, remain hesitant about loaning money to start-ups and small business owners, even nearly a decade after the financial crisis of 2008. Stricter lending policies often make applying for financing a nerve-wracking and time-consuming process. If you need a loan to start or expand your business, here are some  Continue Reading »

The Social Security system has been questioned by people for years. In June, the Social Security Board of Trustees released its annual report on the long-term financial status of the Social Security Trust Funds. It projects that the combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASDI) Trust Funds will become  Continue Reading »