General News

Update on Deducting Personal Casualty Losses

Update on Deducting Personal Casualty Losses Every year, millions of Americans are struck by sudden, unexpected disasters — including hurricanes, wildfires, floods, tornadoes, volcanoes, and even vandalism and terrorist attacks. These destructive events can cause injuries, death and property damage. The tax code allows individuals to claim itemized deductions for personal casualty losses — but…

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Calculating Personal Casualty Losses

Calculating Personal Casualty Losses Damages to personal-use property can quickly add up, but the full amount of the loss isn’t deductible for federal income tax purposes. To calculate the casualty loss deduction for personal-use property in an area declared a federal disaster, you must take the following three steps: Subtract any insurance proceeds. Subtract $100…

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Should My Company Halt 401(k) Matches?

Should My Company Halt 401(k) Matches? Q. My company is considering suspending the employer 401(k) matching plan. Our sales are down and it has become difficult to make the matching contributions. Ending them just seems to be a no-brainer. But is this a wise move? And how easy is it to do? A. It’s easy…

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Minimum Wage Increases Considered

Minimum Wage Increases Are Being Considered Across the Country The minimum wage remains a popular issue for legislators on a federal, state and local level. Recently, a bill was introduced in both the U.S. House and the U.S. Senate titled the “Raise the Minimum Wage Act of 2019.” Since 2009, the federal minimum wage has…

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Labor Law Violation Examples

Federal Investigators Find Labor Law Violations in Several Cases The U.S. Department of Labor’s Wage and Hour Division (WHD) recently finished several investigations aimed at employers. The agency announced that seven different employers had violated federal laws involving minimum wages, overtime calculations, family and medical leave, the tip credit, and work visas. Here are brief…

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