A sneak preview of proposed modifications to the rules governing overtime was provided last year, but a change has been coming for two years. On May 18, the Department of Labor (DOL) came out with its new final rules, which take effect on December 1, 2016. The rules will significantly raise the salary level used  Continue Reading »

Estate planning can be a challenge for many Maine family business owners. Often times, wealth is tied up in their companies, which creates a conflict between the desire to transfer ownership to the next generation and the desire to stay in control. Recapitalizing the business into voting and nonvoting shares is one potential solution, as  Continue Reading »

This is a useful library of some IRS publications covering issues that can affect businesses and employers. The rules are often complicated and can be difficult to implement. Contact your tax adviser for more information.   Title Publication Number Description Basis of Assets 551 The amount of your investment in property used to figure depreciation,  Continue Reading »

This election season, there seems to be great deal of disagreement, but there is one thing the majority of voters are agreeing on—95% of voters, regardless of which U.S. presidential candidate they favor, support American-made products. According to the Alliance for American Manufacturing, the vast majority of Americans also favor training programs, trade enforcement, tax incentives  Continue Reading »

Sometimes, estate proceedings continue to be open for years with no end in sight. If you’re an executor or personal representative of an estate, or even an heir, eventually you want closure. There are certain steps that must be taken to close the estate. This article describes the general procedures, but the exact process depends  Continue Reading »

It can be difficult to plan for your replacement and deal with your mortality, which is why many Maine business owners procrastinate putting a well-conceived succession plan in place. The reasons are understandable. However, there are many reasons why it’s best to make a proactive plan. Here are five of the top reasons why business owners  Continue Reading »

If you participate in a qualified retirement plan, such as a 401(k), profit-sharing, or Keogh plan, through your job or self-employment, you might be allowed to borrow from the account. It’s important to note that the borrowing option is not available for traditional IRAs, Roth IRAs, SEPs or SIMPLE-IRAs. In the right circumstances, taking out a  Continue Reading »

The IRS Fiscal Year 2015 Enforcement and Service Results showed an increase of 18.6% over the previous year for audits of partnerships. That’s the highest audit rate partnerships have experienced since 2006. By comparison, audits of large C corporations decreased by 8.8% in 2015. And under the new rules for audits of partnerships that were  Continue Reading »

Employee stock ownership plans (ESOPs) provide tax-saving opportunities for business owners who want to exit the business and are committed to employee ownership. A business valuation is the first step to determining whether this option makes sense for you. How ESOPs Save Taxes Business owners typically qualify for the current maximum 20 percent maximum federal rate on  Continue Reading »

If a taxpayer makes a contribution to a charitable organization of $250 or greater, they must substantiate the contribution with a contemporaneous written acknowledgment of the contribution by the done organization, if they want the deduction to be claimed on a tax return. For donations of money, the donee’s written acknowledgment must state the amount  Continue Reading »