Overtime Option

New overtime option? Under a new bill proposed in the House, employers can offer to reward employees with extra time off in lieu of receiving pay at the usual time-and-a-half overtime rate. The choice would be voluntary. Any unused compensatory time at the end of a year would be converted to overtime pay.

www.SmallBizTax.net
Small Business Tax Strategies Vol. 12 No. 7 July 2017

S Corp Alert

S corporation owners can only deduct losses up to the amount of their basis in the shares. But some business owners ignore this limit, much to the chagrin of the IRS. Now the tax collection agency’s Large Business and International Division is ramping up audits in this area. Its agents will contact shareholders to ensure they are properly limiting their losses to their stock basis.

www.SmallBizTax.net
Small Business Tax Strategies Vol 12. No. 7 July 2017