Advising, Consulting And Mentoring Greater Houston Area Business Since 1986
From the Editor...
Richard Hendee
In case you have not looked at your calendar lately, the end of 2016 is only weeks away. If you did a 2016 Plan for your business around this time last year, it will be exciting to see how successful you were. If you did not do a plan for 2016 last year, maybe you should take some time as the year winds down and do some planning for 2017.
Over my career I have seen so many business owners who don't do plans for a variety of reasons: not knowing where to start, claiming they just don't have time to do a plan, thinking that they don't know where the business cycle will go or what the political landscape will look like. The bottom line is that all these and other reasons I have heard are all easy excuses for not generating a workable plan for your business.
W-2 And 1099 MISC Filing Deadlines Are Sooner This Year
By Jim Griffing, a Silver Fox Advisor
In an effort aimed to make it easier for the Internal Revenue Service ("IRS") to determine the legitimacy of tax returns and properly issue refunds, the IRS has accelerated the filing deadlines for employers filing their 2016 W-2's and certain Form 1099's to January 31, 2017. No longer will you have the option to wait until February 28th or later to file with the government.
WHAT DOES THIS MEAN TO THE EMPLOYER? This year, not only will you be required to provide your employees with their W-2 forms on or before January 31st, but you will also need to file with the Social Security Administration ("SSA") Form W-3 Transmittal of Wage and Tax Statements with copies of Copy A of each W-2 attached by the same date. (Previously the SSA gave employers until February 28th to paper file their W-3's and until March 31st to e-file them.)
UPDATE: Overtime Rules Change Effective December 1, 2016 Has Been Blocked
By Jim Griffing, a Silver Fox Advisor
As we previously reported, the new overtime rules were set to go into effect on December 1st. These new rules would have doubled the Fair Labor Standards Act (FLSA) salary threshold for exemption from overtime pay from $23,660 to $47,476 with automatic increases every three years. It is estimated that this would have made an additional 4.2 million Americans eligible for overtime pay. Critics have argued that these rules will adversely impact small businesses and non-profit employers, and that many companies would just cut employees' hours or demote staff.
Silver Fox Advisors Silver Fox Advisors are current and former business owners, entrepreneurs and executives dedicated to assisting business owners to improve their enterprises through mentoring and consulting. Advisors have been sharing their knowledge, experience and skills since 1986. To work with a Sliver Fox Advisor, please visit our website at www.silverfox.org and select your advisor.
Upcoming Events
Lunch & Learn
Thursday, January 26, 2017
Topic: "Super Bowl LI"
Guest Speaker: Barry Warner, Houston Radio Sports Legend
Location: The Houston Racquet Club
1079 Memorial Drive
Houston, TX 77024
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