Employers that pay overtime should familiarize themselves with new IRS guidance on the federal tax deduction for overtime pay. The updated FAQs clarify the rigorous requirements for how employers must identify, calculate and report qualified overtime income. We review the deduction’s basic concepts and highlight key points from the guidance.

Interested in acquiring or developing commercial real estate? A single-member limited liability company (SMLLC) may be a useful structure for holding property because it generally offers simpler federal income tax treatment and potentially helps separate property-level liabilities. We explore the benefits and considerations to weigh before choosing this strategy.

No one likes to think about it. However, one of the risks of going into business is getting into insurmountable debt and having to declare bankruptcy. The good news is, as bankruptcies go, Chapter 11 tends to be the most palatable. This article explains the five common steps in a Chapter 11 filing. A sidebar outlines the four different types of bankruptcy and the characteristics of each.

Suggestion boxes can work wonders. They cost little to set up and, over time, at least a few of your employees’ ideas will likely save your company money and help it operate more efficiently. This article offers eight steps to a successful suggestion box program. A sidebar provides a brief history of the suggestion box, which starts in 1894.