Posted by Sheridan Smith on Mon, Feb 20, 2012 @ 07:53 AM
A bill that would cut the hourly wages of many waiters and waitresses was unveiled Tuesday by a
Florida Senate committee in Tallahassee.
The bill (SPB 7210) would slash Florida's minimum wage for tipped workers — now $4.65 an hour — to the federal tipped minimum of $2.13 for companies that agree to guarantee that with wages and tips their employees will make at least $9.98 an hour.
The Florida Restaurant and Lodging Association is urging legislators to pass the bill. The trade group says Florida's tipped minimum is crippling eateries financially, causing companies to cut back workforces and open fewer restaurants in Florida.
Combined with rising costs of food, insurance and implementing the new federal health-care law, "it's going to be a matter of time before the back of this industry breaks," said Carol Dover, chief executive officer of the trade group. "Minimum wage is killing them."
But critics say the bill, which was introduced in the Senate's commerce and tourism committee but not voted upon, will take money from workers who cannot afford it.
"Anything that reduces people's wages is not what we need right now," said Emily Eisenhauer, an associate with the Research Institute on Social & Economic Policy at Florida International University.
In Florida, the average hourly wage for a waiter or waitress is just under $10 per hour, according to the federal Bureau of Labor Statistics.
Dover argues that many make much more than that, and Florida's current system is "just a very unfair model, when you're looking at an employee who makes way over the minimum wage."
Dover pointed out that companies opting to pay the $2.13 rate would have to guarantee all their tipped employees are making at least 130 percent of the state's minimum wage. If any employees fall short of that figure – now $9.98 – the companies have to make up the difference.
The National Employment Law Project, an advocacy group for lower-wage workers, says the bill appears unconstitutional. A state constitutional amendment establishing minimum wages and raising them each year to keep pace with the cost of living was approved by Florida voters in 2004.
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here to continue reading the full article. Contact us for more information on this topic - BKHM CPAs
Posted by Sheridan Smith on Tue, Feb 07, 2012 @ 11:55 AM
The rules governing America's most popular retirement vehicle are about to change, and that could mean huge savings for millions of workers building nest eggs for the future.
Spurred by the U.S. Labor Department's effort to force plan administrators and investment companies to disclose the cost of 401(k) retirement plans, companies are looking to reduce fees and offer new investing choices.
Under current rules, it is difficult—if not impossible—for many 401(k) participants to determine how much they are paying in fees. The fees, which vary by type and size, aren't typically disclosed in annual statements to investors. Because of the extended time frame involved in retirement accounts, a small percentage change in an annual fee can make a big difference in the investment performance.
Analysts and companies in the industry say the increased disclosure will allow companies to negotiate better deals and employees to request more cost-efficient plans. Already, the prospect "is putting downward pressure on fees," said Lori Lucas, leader of consulting firm Callan Associates Inc.'s defined-contribution practice.
The Labor Department had hoped to roll out the rules by Jan. 31. A department spokesman said it would likely happen within a few weeks.
Fidelity Investments, ING U.S., Manulife Financial Corp.'s John Hancock unit and BlackRock Inc. in the past few years have rolled out low-cost index mutual funds alongside their higher-fee actively managed funds.
Employers, for their part, are shopping around their retirement-plan business more aggressively. Fidelity Vice President Beth McHugh said the firm is seeing companies "doing more due diligence to make sure they're comparing what they have with what's available out there in the marketplace."
Kevin Crain, head of Bank of America Merrill Lynch's institutional retirement business, said his firm had a record number of requests for proposals in 2011.
401(k) plans have grown in prominence since an Internal Revenue Service regulation in the early 1980s allowed workers to contribute their own money to the accounts on a tax-deferred basis. By 1990, 401(k) plans had about $900 billion in assets; by 2011, the figure had swelled to $4.3 trillion. Click here to read the full article from the Wall Street Journal
Write to Kelly Greene at kelly.greene@wsj.com and Anne Tergesen at anne.tergesen@wsj.com
Posted by Sheridan Smith on Tue, Jan 24, 2012 @ 01:29 PM
Below is a link to a summary of the tax changes impacting 2012 by CCH. Please review the document and contact BKHM if you have any questions regarding these tax changes. We provide a full range of tax compliance and consulting services. Please click here for the CCH Tax Briefing.
Posted by Sheridan Smith on Wed, Jan 04, 2012 @ 10:38 AM
Various tax law changes, including 2010's Tax Relief Act and health care legislation, will affect 2011 tax returns. Get ready for tax season with this update for tax practitioners, including a quick guide to 2011 rates and amounts. Journal of Accountancy (1/2012)
Click here for the full article!
Posted by Sheridan Smith on Tue, Dec 13, 2011 @ 10:21 AM
Here is a follow-up article on the Small Business Saturday, please
click here for the full article.
Posted by Sheridan Smith on Fri, Nov 18, 2011 @ 02:38 PM
Big retailers have traditionally been the businesses to see the biggest boost on Black Friday, and Cyber Monday helps online merchants. If you're a small-business owner, you now have a day when consumers are thinking about you - Nov. 26 is Small Business Saturday - and smart use of social media can help you make the most of it.
Read more:
http://www.wesh.com/employment/29679832/detail.html#ixzz1e5j3giLR
Posted by Sheridan Smith on Fri, Nov 18, 2011 @ 01:57 PM
Many a cash-strapped company fails to deposit its payroll taxes. Unlike other creditors, Federal and state taxing authorities are not at the company’s door demanding their money. The company resolves to pay the tax deficiencies later, when cash is available. Yet that day never arrives, and the problem only compounds. Eventually, tax collectors will appear and seek to collect the tax, penalties, and interest owing by the company. If immediate payment cannot be effected, the tax collectors will enter the company into an installment agreement. Liens in the company’s property arise in favor of the taxing authorities for the amount of the tax, penalties, and interest due them. The taxing authorities will record notices of their tax liens in the register of deeds’ office of the county where the company is located, disabling the company from selling or mortgaging interests in real property, and impairing the company’s credit. If the company does not cooperate with the taxing authorities, the taxing authorities will seize (“levy”) the company’s property. To read the full article, please click here.
Posted by Sheridan Smith on Mon, Sep 19, 2011 @ 10:33 AM
Please click the link to read a special report from CCH on the recently submitted American Jobs Act of 2011 - Please contact BKHM if we can be of any assistance!
American Jobs Act of 2011 - Proposal
Posted by Sheridan Smith on Tue, Aug 02, 2011 @ 11:06 AM
We are very proud to announce that Nancy DiSalvo and Neal Renuart have been promoted to partner at BKHM. In addition, Tarsha Jacobs has been promoted to senior audit manager.
They have all demonstrated the skills, experience and dedication necessary for these positions and are ready to assume the responsibilities associated with them. Each of them have worked very hard during their careers and have proven to the firm that they are extremely critical to our continued success. Please join us in congratulating them!
Posted by Sheridan Smith on Mon, Jul 25, 2011 @ 09:37 AM
Tarsha R. Jacobs, CPA was recently elected Region IV Representative and subsequently appointed to the Florida Institute of CPA's Board of Governors for the two-year term beginning July 1, 2011 and ending June 30, 2013. As Regional Representative, Tarsha is responsible for coordination of the region’s affairs, assisting the local Chapter membership in attaining their goals and encouraging members to become more active. Jacobs, a Audit Manager with BKHM, P.A., joined the FICPA in 2004, and has served on the board for the Central Florida Chapter for 6 years, most recently as President.