Jennifer Rockman-Smith

Visa / Mastercard Class Action Settlement

Visa and Mastercard has settled a $5.5 billion class action lawsuit that claimed they violated anti-trust laws overcharging merchants with interchange fees from January 1, 2004 through January 24, 2019. All persons, businesses, and other entities that accepted Visa or Mastercard branded debit or credit cards during that time period are eligible to submit a […]

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Increase to Overtime-Exempt Threshold

The Department of Labor has issued an increase to the overtime exemption threshold of salaried and highly compensated employees (HCEs). Even though the ruling will likely be challenged, employers should identify impacted employees and be ready to implement changes to payroll beginning July 1, 2024. On July 1, 2024 the weekly/annualized salary threshold will increase

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USDA Funding Available for Energy Projects

The USDA Rural Energy for America Program (REAP) is providing grants and guaranteed loan financing for renewable energy systems up to $1,000,000 and for energy efficient improvements up to $500,000. Eligible applicants are agricultural producers whose income is at least 50% derived from agricultural operations and rural small businesses that meet Small Business Association’s size

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Update: Tax Relief for American Families and Workers Act of 2024 Passes in House

The proposals in the AFWA were passed in the House January 31 and the bill has moved to the Senate. Because some of the provisions are retroactive to 2023, such as 100% Bonus Depreciation, Research and Experimental Expenses treatment, and increases to the refundable Child Tax Credit, completing affected tax returns this season will be

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Possible Early End to ERC to Cover Tax Relief Bill

Congress has introduced a bipartisan bill that extends some of the provisions that have recently expired. The Tax Relief for American Families and Workers Act of 2024 proposes the following changes: Bonus depreciation would go back to 100% for property placed in service in 2023 through 2025. Research and development costs from 2022 and forward

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