In a significant development for businesses across the country, a recent ruling in Texas v. Department of Labor has put a hold on the Department of Labor’s (DOL) planned increase to the Fair Labor Standards Act (FLSA) salary thresholds for overtime exemptions. This decision, handed…
One common misconception is that the Research and Development Credit primarily benefits only very large enterprises. However, the R&D Credit can benefit businesses from all along the maturity spectrum from startups through very mature and large companies. What are Qualifying Activities It is often believed…
It’s no secret that the states are continuously working hard to find new and creative ways to generate revenue. You may have heard of one of these revenue generators which has recently become a mainstream consideration for businesses operating across state lines: Economic Nexus. A…
Sometimes the situation arises in which the owners of a company want to invite a key individual to join the ownership team in return for the individual’s services. For example, an individual might have specialized training in a certain engineering process that can benefit a…
Every year, South Dakota sends each employer a form informing the business of what the next year’sunemployment tax rate will be. This letter typically comes some-time around November annually. The unemployment rate is not automatically updated by most payroll software, unlike most other taxes,because this…
The Corporate Transparency Act is the newest law to prevent money laundering by criminals and shady organizations and goes into effect January 1, 2024. Most businesses in the US will need to report the company’s beneficial ownership information (BOI) to the US Treasury Department’s Financial…
Effective on July 1, 2023, South Dakota reduced the state tax rate from 4.5% to 4.2% with HB1137. This change affects Sales tax, Use tax, Excise Tax on Farm Machinery and Farm Attachment Units, Amusement Device Tax, and Motor Vehicle Gross Receipts tax. This change…
Businesses that file as an S-Corporation on Form 1120S or as a Partnership on Form 1065 have a tax return filing deadline of March 15th. Late filing penalties are $220 PER Partner or Shareholder PER MONTH (or part of the month, even 1 day) for late filed business tax…
When can you expect your tax documents? Most forms have a date that they must be postmarked, or mailed by. Mail delivery time and delays could mean that the forms are not received until after the below listed deadlines but are still considered on time.…
Effective on January 1, 2023, the South Dakota minimum wage increases to $10.80/hour for non-tipped employees, and $5.40/hour for tipped employees. Employers should use the minimum wage that applies based on when the employee worked, not on when the pay date occurs. For instance, if…
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