Category: Blog article

1. Keep compensation in line with what similar businesses are paying their executives (and keep whatever evidence you can get of what others are paying to support what you pay). 2. Document the duties you perform in your role and the time spent on those duties, as well as your skills, expertise and compensation history.…

1. The U.S. District Court for the Southern District of Florida ruled that in order to engage in protected conduct under the False Claims Act, a plaintiff must specifically suspect that their employer has made a false claim for payment to the federal government. 2. The court granted summary judgment in favor of the employer…

1. Florida contractors registered under Chapter 489 must maintain complete business and financial records for the previous 3 years. 2. The required records include minutes of corporate meetings, business contacts, telephone records, insurance policies, letters of complaint, notices from government entities, bank statements, canceled checks, and financial statements. 3. Contractors are also required to maintain…

1. Arbitration provisions in employment agreements can protect employers from the expense and liabilities of defending class or collective actions. 2. Courts in Florida have generally upheld properly drafted collective and class action waivers in arbitration agreements. 3. Arbitration can be more streamlined and less formal than litigation, potentially saving time. – Arbitration offers privacy…

– The business structure type, such as sole proprietorship, partnership, or corporation, determines how business taxes are paid and what deductions are available. – Sole proprietors and general partners have the fewest deductions and are subject to self-employment taxes on all taxable income. – C corporations can deduct all business expenses, including employee salaries, but…

1. Gig economy income is taxable and must be reported on a tax return, even if no 1099 was received. 2. Workers should report income based on their worker classification – either as an employee using Form W-2 or as an independent contractor using Schedule C (Form 1040). 3. Expenses related to gig economy income…

– Deferring a year-end bonus or postponing income can help those who expect to be in the same or lower tax bracket next year. – Accelerating deductions can benefit those who anticipate being in a lower tax bracket next year, and it can also help reduce the adjusted gross income to keep under the threshold…

– The rehabilitation tax credit is equal to 20% of qualified rehabilitation expenditures for a building that is a certified historic structure and used for business or income production. – The building must be substantially rehabilitated, with QREs exceeding $5,000 or the adjusted basis of the existing building. – QREs are capital expenses incurred in…

– The IRS offers tax resources for military spouses who run businesses or do gig work. – The Small Business and Self-Employed Tax Center at IRS.gov/smallbiz provides resources for taxpayers who file Form 1040 or 1040-SR, Schedules C, E, F or Form 2106, as well as small businesses with assets under $10 million. – The…

1. Private employers in Florida cannot require COVID-19 vaccinations for employees without allowing medical or religious exemptions. 2. Employees who are not provided with exemptions and are terminated can file a claim with a state agency. 3. State agencies may impose fines on employers for not providing exemptions, depending on the size of the employer.…

1. If the unit owners are dissatisfied with a board member, they can call a special meeting for a recall, which only requires 10 percent of the voting interests to initiate. 2. The special meeting for recall must be noticed and cannot be transmitted electronically. 3. A majority vote of the unit owners or an…