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Judge Blocks Obama Rule Extending Overtime Pay to 4.2 Million U.S. Workers
A federal judge blocked an Obama administration rule to extend mandatory overtime pay to more than 4 million salaried workers from taking effect, imperiling one of the outgoing president's signature achievements for boosting wages. U.S. District Judge Amos Mazzant, in Sherman, Texas, agreed with 21 states and a coalition of business groups, including the U.S. Chamber of Commerce, that the rule is unlawful and granted their motion for a ...
Read MoreIRS lowers mileage rates for 2017
The Internal Revenue Service has issued the 2017 optional standard mileage rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: • 53.5 cents per mile for business miles driven, down from 54 cents for 2016; • 17 cents per mile driven for medical or moving ...
Read MoreThe Best Kept Secrets of Fraud, Part I
Deep in the heart of a steaming jungle, a ramshackle mining town is full of dangers like mudslides, snakebites, and tropical diseases. Even getting here is an adventure that requires a small plane, a day spent navigating seething rivers, or a hair-raising 4x4 ride over ungraded roads. There are few comforts here and, apart from items in a small camp commissary, almost nothing to buy. It may seem the most unlikely place on earth to uncover an ...
Read MoreFASB Proposes Targeted Changes to Hedge Accounting Rules
FASB aims to ensure that financial statements provide faithful depictions of the economic results of an organization's risk management activities.To achieve that goal, the board has proposed the following targeted changes to hedge accounting standards: • Expanding the use of component hedging for nonfinancial and financial risks. • Refining the measurement techniques for hedged items in fair value hedges of benchmark ...
Read MoreAnticipating Questions about the New Overtime Rule
The Department of Labor released the highly anticipated final overtime rule in May, expanding overtime pay eligibility to approximately 4.2 million salaried workers across the country. Despite recent news that a lawsuit has been filed by 21 states as well as a separate lawsuit filed by business groups led by the U.S. Chamber of Commerce both challenging the rule, businesses are urged to continue with preparation efforts for the Dec. 1, 2016 ...
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