Thinking of Organizing a Business?
The Consolidated Appropriations Act, 2016, Pub. Law 114-113, extended, indefinitely, the 100% exclusion from tax of the proceeds from the sale of qualified small business stock, Int. Rev. Code §1202. Briefly, a taxpayer, other than a corporation, can exclude, from federal income tax, 100% of the gain from the sale or exchange of stock which is held for more than five years. The stock must have been issued by a qualified small business and engaged in a "qualified trade or business." The exclusion was originally set to expire. Most new small businesses formed locally are likely to be a
Department Of Labor Issues Rule Altering Exemption From Overtime
The Department of Labor (“DOL”) has issued a final rule effective December 1, 2016 raising the minimum salary level of exempt employees classified as executive, administrative and professional (“white collar”) from $23,660 per year to $47,476 or $455 a week to $913 per week, and the minimum salary for “highly compensated” employees who are exempt from the overtime requirement almost regardless of their duties from $100,000 to $134,004. Salaried white collar employees paid below the updated salary levels are now generally entitled to overtime pay. However, there are a number of exceptions to the salary standards for overtime that
Vaccine Injury Compensation program Serves Manufacturers And The Public
The National Childhood Vaccination Injury Act of 1986 (NCVIA), as amended, created the Vaccine Injury Compensation Program (VICP). Congress created the VICP primarily to protect our nation’s vaccine supply. In the 1980's, public attention was focused on the allegation that vaccines were causing injuries to children. Many parents sued vaccine manufacturers for alleged injuries. The few vaccine manufacturers in existence at that time were on the verge of going out of business because of lawsuits. Due to the threat to the nation’s health, Congress enacted the NCVIA. The Vaccine Injury Compensation Program is essentially a "no-fault" program. Congress created a