Keywords: Exempt: Paid a salary, not eligible for overtime due to being classified as executive, professional, administrative, or outside sales. Non-Exempt: Eligible for overtime pay for any hours worked over 40/week. It can be paid salary or hourly.  Salaried: Individual receives the same salary from week to week regardless of hours worked. Non-exempt salaried employees will receive their regular salary plus overtime pay.  Hourly: Receives hourly wage for work performed, typically non-exempt.     ..read more

The Inflation Reduction Act (IRA) of 2022 contains numerous provisions that create or expand tax incentives for the use of and investment in clean energy technologies. In the past, these benefits have only been available to for-profit businesses. Nonprofit organizations with tax-exempt status have not been able to take advantage of incentives like tax credits. The IRA changes this by providing an “elective pay” option, also known as “direct pay,” for many incentives. This makes certain tax credits essentially refundable for nonprofit organizations. Therefore, now is an excellent time for nonp ..read more

Across the country and across many industries, there is an ongoing need to innovate. Of course, coming up with the next big thing often requires a great deal of investment, time, research and development. This can add up quickly, but the good news is that a tax credit available to businesses for qualifying research and development costs can help offset some of those expenses ..read more

Successful construction companies depend on creating accurate estimates for bids and projects. Estimates need to be accurate since profit margins are typically razor thin in this industry. A slight miscalculation of costs can determine whether a contractor makes a profit or loss on a project. Accurate estimates are essential for everything, from winning bids to securing a company’s long-term success ..read more

Managing cash flow is a vital part of running a business. It can also be one of the most challenging aspects. Accurate data on how much money a business is bringing in (accounts receivable) and how much it is obligated to spend (accounts payable) is essential for maintaining business operations. A company could find itself without enough working capital to pursue its goals or cash on hand to keep the lights on. Accounts payable automation (APA) offers businesses a way to keep accurate and efficient records of current liabilities, make timely payments and minimize the risks of fraud or regulat ..read more

The construction industry saw a strong rebound from COVID and showed strong performance throughout 2023. This was bolstered largely on the strong growth in U.S. gross domestic product in both Q3 and Q4 of 2023. Also, raw materials saw improvements in both prices and availability, which was a major factor for construction companies rebounding from the COVID impacts. This should not be a shock to anyone in the industry, but the labor supply and labor costs continue to be a major issue. Rising labor costs and a short supply of skilled workers have contributed to a tight labor market, and constru ..read more

The Accelerating Charitable Efforts Act was introduced in 2021 as a proposed means of reforming tax laws related to charitable donations, private foundations and Donor-Advised Funds (DAFs). For individuals who are involved with DAFs or private foundations, being aware of this proposed act and its potential implications is important when it comes to financial planning, tax planning and more. Read more about American Rescue Act of 2021 ..read more

The IRS officially began accepting returns for the 2023 tax year at the end of January 2024. This gives taxpayers several months to complete their returns or submit an extension request. Every year, the IRS makes changes to various aspects of the tax filing process, from modified deadlines to adjusted tax brackets. 2024 is no different. Read on to learn more about what to expect in this year’s tax season ..read more

PRESS RELEASE DALLAS – March 1, 2024 – Lane Gorman Trubitt (LGT) today announced it has been named to the Best Places to Work in Texas 2023 list by Best Companies Group, a BridgeTower Media Company. LGT was recognized and selected based on responses from a detailed and comprehensive survey of its employees ..read more

The Employee Retention Credit (ERC) was a refundable tax credit developed during the COVID-19 pandemic to aid businesses and tax-exempt organizations that continued paying employees if their operations were fully or partially suspended due to a government order, they had the required gross receipts decline, or they were a recovery startup business in the third or fourth quarters of 2021. The IRS issued notices and FAQs to explain the ERC rules after repeated clarifications to qualifying requirements ..read more