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In May, the Department of Labor updated the rules for paying overtime. Under the new rules, salaried employees who earn less than $913 per week ($47,476 per year) will be eligible for overtime pay. That’s double the annual exempt amount of $23,660 from previous rules. In addition, the total annual pay for an exempt highly compensated employee is $134,004 (up from $100,000 previously). These amounts will be updated automatically every three years beginning in 2020.
The changes take effect December 1, 2016, which means you need to begin reviewing your payroll now, as penalties and fines can be assessed for noncompliance. One important step is to begin tracking hours for your salaried employees. You’ll also want to review your payroll practices so you can determine the best options for your business as you get ready to implement the new rules.
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Jeanine Pfeiffer, CEO of Pfeiffers Accounting & Consulting LLC, has a Bachelor of Arts degree in business adminstration with a concentration in accounting and is an Enrolled Agent licensed to practice before the IRS. She has provided accounting services and worked with a variety of companies in the Puget Sound/Seattle area for 20 years. Her history includes a start in the retail industry where she held the position of office manager/full charge bookkeeper for three furniture stores. At this start in her career, she got a fast paced look at accounting and managing process of the retail industry. She moved on to work for Rena Ware International in their accounting department. At this corporation, she worked closely with the CPAs assistant controllers, purchasing agent, and bookkeeping department staff working on many accounting projects. She played an active role in managing the inventory control cycle and set up policies and procedures for that cycle due to high inventory variances.
In 2004, Jeanine moved on to starting her own accounting and consulting company and working independently for small business clients. She began by helping clients clean up their records that had not been well maintained. She takes special care in getting all their records up to date, maintaining them once current. Furthermore, Jeanine has been involved in setting up of many clients financial records which includes the retail, interior design, non-profit, property management, service, and consulting industries. In addition, Jeanine prepares personal and business income tax returns including Schedule C's, partnerships, corporations, LLC's, along with any required schedules for clients requesting only tax preparation services.
She has guided her clients into integrating their financial data into a user friendly, simple and technically efficient software set up for them to manage and maintain on their own. Her work also includes keeping accounts reconciled, posting monthly adjusting entries, and managing the company's spending through budgeting. In addition, Jeanine gives clients guidance on how to set up or restructure into an LLC company correctly legally through the state and for maximum tax benefits through the IRS. She has also been an active member of her community as a treasurer of her daughter's school in the years 2004-2006.
Jeanine has served on many projects identifying weaknesses in company's infrastructures. She maintains financial records, working closely with clients at year end to prepare all data for each client's tax returns. In addition, she helps companies with preparing their financial data for financers and investors with special reports designed to help determine solvency and liquidity. She also helps clients interpret what their financial numbers actually mean by helping them with the accounting processes. Her methods include a clear focus on the industry with specifics to help guide that industry in the best financial possible way. Look at the services she can provide and I think you will be interested in what she has to offer your company.