March 7, 2023

Supreme Court: Overtime rules still apply to highly compensated employees

If you were told someone earns more than $200,000 annually, you might assume the person is a salaried employee who’s ineligible for overtime pay. However, as demonstrated in the recent U.S. Supreme Court case of Helix Energy Solutions Group, Inc. v. Hewitt, this isn’t always a safe assumption. The FLSA rules. Under the Fair Labor […]

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Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances

Antidiscrimination Laws, Federal Income Tax, Small Business, Small Business Owners, Small Business Tax Tips / Douglas Freeman

You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards and judgments for “personal physical injuries or physical sickness” are free from federal income tax under the tax code. This includes amounts received in a lawsuit or a settlement and

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