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The U.S. Department of Labor finalizes the new overtime rule

The U.S. Department of Labor (DOL) has released the finalized rule on overtime exemptions for white-collar workers under the Fair Labor Standards Act. The rule updates the standard salary levels for the first time since 2004. While it is expected to expand the pool of nonexempt workers by more than 1 million, it’s also more...

2019 Continuing Professional Education Conference

2019 Continuing Professional Education Conference As part of our commitment to providing continuing education opportunities for CPAs and other tax professionals in the Yakima Valley, we are pleased to announce open registration for our annual CPE conference. We extend an invitation to our clients, colleagues, and other professionals in our community to join us and...

2018 Tax Payments Fall Short?

2018 Tax Payments Fall Short? You May Be Eligible for Penalty Relief The IRS announced that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty for any...

IRS Issues Final QBI Deduction Regs.

The IRS has issued final regulations on determining allowable deductions based on qualified business income (QBI) from pass-through entities. This break is available only through 2025, unless it’s extended by future legislation. The QBI deduction was originally designed to achieve greater tax parity for pass-through business entities and C corporations, which are now subject to a flat 21%...

I-9 Audits Are On the Rise: Be Prepared

I-9 Audits Are On the Rise: Be Prepared Audits of I-9 records quadrupled in 2018 over the prior year (the federal fiscal year). That means nearly 6,000 employers were audited, which led to several dozen civil and criminal convictions. The agency involved — Homeland Security Investigations (HSI) — “is carrying out its commitment to increase...

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