Dopkins & Company, LLP is privileged to work with Business First to showcase and applaud the contributions and achievements of Western New York’s Top Private Companies. Why not celebrate with us and other privately-helds? Nominate your company by clicking this link, but hurry, nominations close September 26th.

Topics: private companies, dopkins, business first of buffalo, privately held companies, buffalo private companies, wny top private companies

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On August 18, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-14 (ASU 2016-14), Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.

Topics: not-for-profits, not-for-profit financial statements, asu 2016-14, topic 958

Cybersecurity, a popular term due to several statements and Executive Orders from the White House related to Homeland Security issues, is closely related to Information Security. The latter aims to protect items of value (information: personal, corporate and governmental), while the former aims to protect the devices (computers and smartphones) and networks (Internet) which store and transmit the information.

Topics: Information Security, IT, information techology, cyber security, dopkins, cybersecurity, william prohn, risk management

On June 23, voters in the United Kingdom (UK) voted to exit — or “Brexit” — the European Union (EU), causing key stock market indices to fall for two days and leading many commentators to make any number of predictions. Nevertheless, the long-term effects of the Brexit referendum are unlikely to become clear for some time.

Topics: market volatility, brexit, european union

At one time or another, many of us will be named an executor to an esatte. Along with the many obligations, executors (or personal representatives) of estates must ensure that all applicable tax returns are filed. The required federal returns include the decedent’s final income-tax return and, in some cases, an estate income-tax return and/or an estate-tax return.

Topics: estate planing, estate tax, form 1040, form 706, estate planning advisors, executor, personal representative, estate tax return, estate income tax return, estate planning consultants

Founding Father John Adams, when referring to our Nation's declaration of independence day, is quoted as saying, "I am apt to believe that it will be celebrated by succeeding generations as the great anniversary festival." We hope you take him at his word this weekend.

Topics: private companies, data breach, cyber security, cybersecurity, bill prohn, william prohn, wny top private companies, one firm

The IRS recently identified a number of common errors seen in two of the most popular retirement plans used by small businesses — the SEP plan and the SIMPLE IRA plan.

General Rules for SEPs

With a SEP (Simplified Employee Pension) plan, employers establish individual retirement accounts (IRAs) for each eligible employee. Contributions are made only by the employer (except in the case of SARSEP plans in place on December 31, 1996). The employer has discretion as to whether to make annual contributions.

Topics: sep, simplified employee pension, retirement plan, simple ira

I read in a recent article that $4 billion of Research & Development Tax credits (R&D) went unclaimed in one year. The real figure is unknown, but if it is $4 Billion, you cannot help to ask yourself… Is any of that my money?

Topics: Path Act 2015, research and development, R&D, r&d credits, r&d tax credits

As a follow up to our previous blog, the Department of Labor (DOL) has finalized changes to the Fair Labor Standards Act (FLSA) regarding overtime pay for executive, administrative, professional, outside sales and computer employees. It becomes effective December 1, 2016 .

The Current State of Overtime Exemption

The FLSA guarantees a minimum wage and overtime pay at a rate of not less than one and one-half times the employee’s regular rate for hours worked over 40 in a workweek. Under the current regulations, employees with pre-determined and fixed salaries above a threshold of $455 per week or $23,660 annually and who perform certain job duties are exempt from overtime pay requirements.

Who will be eligible for Overtime on 12/1?

The key provisions of this final rule include increasing the exempt level by setting it at the 40^th percentile of earnings of full-time salaried employees ($913 per week or $47,476 annually) and the total annual compensation requirement for highly compensated employees from $100,000 in total annual compensation to the 90^th percentile of earnings of full-time salaried workers nationally ($134,004 annually). Automatic updating is also a key provision which includes a mechanism to automatically update the standard salary level requirement every three years as a way of providing an effective means of distinguishing between overtime-eligible white collar employees and those who may be valid executive, administrative, professional employees.

Topics: overtime, dol, department of labor, fair standards lablor act, FSLA

We hope that you, like we, will be celebrating the traditional start to summer this Memorial Day Weekend: firing up the grill, wearing white and linen, sowing tender plants, and looking ahead to all the festivals and concerts scheduled around Buffalo and Western New York.

Topics: not-for-profits, employee benefit plan, going for the green