The Internal Revenue Service recently issued the 2017 optional standard mileage rates to be used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
As of January 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are:
The mileage rate for service to a charitable organization is not alterable by the IRS. Instead, it must be changed by statute passed by Congress.
It is important to remember that a taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates. For more information, please contact one of our professionals today.
For Immediate Release:
For further information, contact:
Sarah Johnson Dobek (609) 890-0800
Christina Tharp Named Chairman of CPAsNET International Executive Committee
Boulder, CO – The Board of Directors has named Christina Tharp, CFO of HT2 ; Chairman of the International Executive Committee.
Tina is the Managing Partner of Hamilton Tharp, LLP, the Solana Beach, California-based public accounting and business consulting firm. As Chairman of the International Executive Committee she will be responsible for the strategic planning of the organization’s international alliances with Auditrust International.
CPAsNET’s newest partnership with Auditrust was conceived because of the increasing need of business who rely on their CPA firms to provide global resources and specialists. CPAsNET firms meet their client’s growing international demands by working within a system of international associates who help serves mid- market enterprises looking to expand their footprint.
“Tina was unanimously nominated and elected for this prestigious position” by her peers. Sarah Johnson Dobek, President of CPAsNET noted that: “Tina is well-respected within the organization, profession and international community of trusted financial advisors. A true trailblazer, Tina understands the importance of continued innovation and providing clients with the local, national and international perspective needed to prosper in challenging markets and times. The International Executive Committee will benefit from her expertise” said Dobek.
Tina has nearly a quarter century of experience in working with international financial issues and is the youngest member of CPAsNET to be elected to this post.,. In addition to holding her B.S. degree in Finance from San Diego State University she also serves on the Executive Committee of the Professional’s Education Network, an organization dedicated to providing opportunities to minority student seeking careers in the accounting professions.
Founded in 1994, CPAsNET is an association of independently owned public accounting and consulting firms who share resources to provide their clients with local, national and international perspectives.
With locations throughout the U.S., CPAsNET member firms collectively represent one of the 50 largest accounting firms in the nation. Through its strategic international affiliations, CPAsNET offers international support and guidance to member firms on all seven continents. For more information about CPAsNET, please call 609-890-0800 or visit CPAsNET.com.
Founded in 1980, Hamilton Tharp has been serving entrepreneurs, businesses, professional athletes and high-net worth individuals with specialized services to help them reach their financial and life goals. The partners are members of the AICPA, the California Society of Certified Public Accountants and the Solana Beach Chamber of Commerce. For more information about Hamilton Tharp, please call (858) 481-7702 or visit www.ht2cpa.com/.
After much anticipation, the Department of Labor recently released a new rule which will change how employers compensate employees. Effective December 1, 2016, workers who earn above the previous threshold but below the new one will qualify to receive time-and-a-half for each hour they work surpassing 40 hours a week. An estimated 4.2 million salaried workers will become eligible for overtime pay under the new rule.
The new rule will:
Job titles do not determine exempt status. In order for an exemption to apply, an employee’s specific job duties and salary must meet all the requirements set by Department of Labor regulations. If you are unfamiliar with the criteria please refer to our exemption checklist which explains the job requirements to meet the overtime exemption.
The exemptions do not apply to manual laborers or other “blue collar” workers who perform work involving repetitive operations with their hands, physical skill and energy. The exemptions also do not apply to police, fire fighters, paramedics and other first responders.
Many businesses will be affected and must comply with the new rule. As a business owner, you have a variety of options to comply:
Below are four steps you can implement which will help integrate the changes successfully into your workflow.
The first step is to review your payroll and identify exempt employees whose salaries are below the new proposed thresholds for executive, professional and administrative white collar exemptions. It will also be important to identify employees who are currently classified as exempt from the overtime protections of the Fair Labor Standards Act because they must meet the duties test for their exemption to be recognized.
Once you have reviewed your payroll and identified the employees who are exempt it will be essential to carefully consider which positions to transition to nonexempt status. Employers have two options: they can either increase the salary level to maintain an employee’s exempt status or transition the position to nonexempt status. When transitioning positions to a nonexempt status, ask yourself the following questions:
Anticipate more time to track for employees transitioning from exempt to nonexempt status. To ensure complete compliance with the Fair Labor Standards Act and state laws, consider investing in a time and attendance software. It will help track hours worked. Establishing a formal policy will also help track and record time. The policy should define:
The final step is to communicate and educate staff of any policy changes. Don’t forget to include employees who are already nonexempt; they will also need a refresher. Communications and training programs must be timely. Consider having supervisors regularly administer audits to ensure employees are following protocol.
Employers have several months to prepare for the new rule. Our firm’s professionals can help you develop a strategy to ensure your business is in compliance. Call us today.
