November 2019 E-Newsletter



Recent Ruling Expands Employer Liability Under New York's Frequency-of-Pay Rules
A recent decision by a New York court paves the way for certain employees to privately sue their employers for "late" payments, even if they are paid in full.

Amazon and eBay Sales Tax ALERT!
If you or your business sells product on Amazon using the Fulfillment by Amazon (FBA) service, you are well into the multi-state sales tax mess ... even if you are not aware of it. You may be asking yourself:

Open Enrollment Tips For Employees
As summer turns to fall, employers across the country are getting ready to present their annual open enrollment options for employee benefits. As an employee, whether you're a newbie or an experienced hand at choosing employee benefits, it is crucial to do your homework before making your selections.

Bill collector calling? Know your rights
Maybe you're behind on paying your bills because of circumstances outside of your control. Or perhaps there's been an error in billing. Either way, these scenarios may lead to a run-in with a debt collector.


  • Income Tax Preparation for all types of businesses and individuals
  • IRS, State and Local Audit Representation
  • Trust, Estate and Gift Compliance
  • QuickBooks setup, support and training
  • Business startup services
  • Monthly bookkeeping
  • Financial statements
  • Family Office
  • Nonprofit Administration

Additional Updated Information

October 2019 E-Newsletter

September 2019 E-Newsletter

November 2019 Q & A

Q: I just inherited a large amount of money. Will I have to pay income and estate taxes on the funds?

A: One of your first steps should involve talking to a tax professional to learn more about your personal situation. You typically won't pay estate taxes; the estate will, if tax is due. But your state may impose an inheritance tax on a portion of what you receive. As important, seek qualified financial advice and consider working with an attorney. Go slow, and consider paying off debts first. After that, look at financial vehicles such as qualified retirement plans and college savings plans to take care of long-term financial goals in your life.

Q: I am considering adopting a 401(k) plan for my business, but I heard something about discrimination testing. What is that?

A: Discrimination testing ensures non-highly compensated and highly compensated employees in traditional 401(k) plans are treated equitably. In other words, contributions made for rank-and-file employees should be proportional to contributions made for owners and managers, and testing must be done annually. To avoid discrimination testing, you might consider adopting a safe harbor 401(k) plan, for which you would have to contribute 3% of compensation for each employee, match 3% of employees' contributions and half of their next 2%, or match 4% of employees' compensation.



The Producer Price Index for final demand increased 1.7% for the year ended July 2019. While liquefied petroleum gas and egg prices declined 58.2% and 53.5%, respectively, producers' cost of fresh and dry vegetables rose 43.3% year over year. Producer prices can indicate potential future inflation if producers pass their cost increases to consumers.


Americans are paying increasing tuition, room and board costs for a college education and, if they're lucky, the degree will pay them back. The Bureau of Labor Statistics (BLS) projected annual salaries by educational degrees through 2026 and found that workers in management, computer and math, legal, and architecture and engineering fields will earn more than twice the median of $37,690 for all occupations. Most of these professions needed a bachelor's degree or higher.


Speaking of college attainment, the oldest Millennials have outdone the youngest Boomers when it comes to attending college, according to the Bureau of Labor Statistics. Almost three out of every four Millennials born between 1980 and 1984 attended some college, while 44% of the Boomers born from 1960 to 1964 did the same.


The National Federation of Independent Business' July Small Business Optimism Index increased 1.4 points from the previous survey to 104.7. The organization's Uncertainty Index fell 10 points, after surging in June to its highest level since March of 2017. Capital outlays were reported by 57% of owners, according to the survey, with about four in 10 of those purchasing new equipment, 25% acquiring vehicles and 16% improving or expanding facilities.

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