Entries by Lisa McConkey

New Overtime Rules for Employees – What you need to Know

11/30/2016 – DELAYED! As of right now, the new overtime rules do NOT go into effect tomorrow.   On November 22nd, a US District Court Judge in Eastern Texas granted an Emergency Motion for a Preliminary Injunction which stayed the implementation of the updated Overtime rule. In my opinion (take it for what it’s worth) this […]

Where is my refund??

Tax Refunds Not in your bank yet? So you are panicking! Your tax accountant said it should about 10-14 days (give or take) and most individuals are getting their refunds back – but it’s day 10 and you haven’t seen yours yet.  Well, hang in there! Unless you filed your return in early February, your […]

Filling out your Federal W-4 Form

If your employer hasn’t already, they should have given you a new W-4 form to update your Withholding exemptions. These should really be updated each year and adjusted according to what your tax liability was for the prior year. Now, being it’s only January, you most likely won’t have your W-2 or Tax Returns completed […]

Breaking News!

Congress has reached a Budget deal which incorporates and reauthorizes some tax breaks and incentives for individuals and small business.   Below is a list of items that are PERMANENTLY extended!! The credits being permanently extended include: An expanded Earned Income Tax Credit for low-income earners; The Child Tax Credit for low and moderate income workers; […]

Online / Cloud Accounting Software

All the rage now-a-days is to move your accounting/bookkeeping to a Cloud based/Online software provider. But is that really such a good idea? Is it really right for YOUR business? I’m old school. I was taught and learned on old mainframes that required large cooled rooms with a large IT staff to support the system. […]

1099 Requirements – What you need to know

Forms 1099 are “information returns” that businesses are required to file annually with the IRS. The forms are used to report amounts a business paid out that should be reported by the recipients as income. Form 1099-MISC, Miscellaneous Income, is probably the most familiar to business owners. But Form 1099-MISC is just one of a […]

LKM Technology Memo

As you may or may not be aware, as of October 1, 2015 businesses and Credit card companies need to switch to the new Chip Compliant Cards and Card readers in order to protect themselves from losses incurred by credit card fraud. These new cards will essentially talk with the issuing bank to ensure that […]