OCTOBER 28, 2025 – As an equipment dealer, you may be wondering how the new One Big Beautiful Bill (OBBB) affects overtime pay and related tax deductions for your employees. Step 1: Does the Federal Overtime Law Apply to Your Employees? Before the OBBB comes into play, first determine whether your dealership is covered by...…
Record Retention Guidelines We are often asked about how long tax and business records should be kept. Discarding records that should be kept poses a wide range of potential tax and legal problems. Keeping reports too long wastes precious space and resources. But how long should these files be kept? Generally, the files should be...…
March 4, 2025 – The Treasury Department has suspended enforcement, indefinitely, and will propose a narrowed rule to permanently address the issue. On March 2, the Treasury Department announced that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule...…
DECEMBER 23, 2024 – A federal Court of Appeals decision has reinstated the requirement under the Corporate Transparency Act (CTA) for filing requirements have been reinstated. Reporting companies, except as indicated below, are once again required to file beneficial ownership information with FinCEN. (Those who fail to meet this deadline could face up to two years...…
DECEMBER 27, 2024 – This time of year, it is always important to keep your receipts in the event there is a needed return. The Fifth Circuit Court of Appeals has just returned to their previous ruling and have reinstated the nationwide injunction against the enforcement of the Corporate Transparency Act’s Beneficial Ownership Information filing....…
UPDATE NOVEMBER 15, 2024 – The U.S. District Court for the Eastern District of Texas just issued its ruling invalidating the entirety of DOL’s overtime final rule. In his ruling, Judge Jordan stated that while DOL has the authority to define and delimit the terms of the overtime exemption, “that authority ‘is not unbounded.’” He...…
WHAT’S NEW: Under the Corporate Transparency Act (CTA), which went into effect on January 1, 2024, many business owners are required to file corporate transparency reports with beneficial ownership information (BOI) no later than January 1, 2025. WHY IT MATTERS: The CTA reporting mandates are designed to bolster transparency and combat financial crimes. Those who...…
JULY 1, 2024 – On April 23, 2024, the U.S. Department of Labor (DOL) published a final rule that raises the minimum annual salary threshold to classify an employee as exempt from overtime rules under the Fair Labor Standards Act (FLSA). DOL Issues New Rules Defining Overtime Exemptions
[Source: Bob Evnen & Kelly Ekler, Woods & Aitken LLC, 11.2016 | Keywords: OSHA, EEO-1 Reporting, Safety] Dealers across the country will be updating their internal practices in the next month to comply with new requirements imposed under anti-discrimination and workplace safety laws. The changes in workplace safety rules stem from a 273-page Final Rule...…
[Source: EndDD (End Distracted Driving), 2017 | Keywords: Regulatory Compliance, Distracted Driving] How serious are the dangers? Deadly serious. Look at the facts: According to the National Highway Traffic Safety Administration (NHTSA), a division of the U.S. Transportation Department, distracted driving is “any activity that could divert a person’s attention away from the primary task...…
[2012; R-2017 | Keywords: Regulatory Compliance, Distracted Driving, Phone Use] The Federal Motor Carrier Safety Administration (FMCSA), jointly with the Pipeline and Hazardous Materials Safety Administration (PHMSA), issued a final rule that restricts the use of hand-held mobile telephones by interstate commercial motor vehicle drivers (CMV) and intrastate hazmat drivers. The rule does not restrict...…
[Source: American Petroleum Institute, 2017 | Keywords: Regulatory Compliance, Diesel, Oil] The American Petroleum Institute (API) announced that it has approved two new diesel engine oil standards, API Service Categories CK-4 and FA-4. These new categories resulted from years of collaborative effort between API’s Lubricants Group, the Truck & Engine Manufacturers Association (EMA) and the...…
[2012; R-2017 | Keywords: Regulatory Compliance, Trucking Regulations] Are your trucks in compliance with state and federal laws? It might be worth your time and effort to do a quick review of your equipment to make sure they are. With the 2010 introduction of the Federal Motor Carrier Safety Administration’s Compliance, Safety, Accountability (CSA), more...…
[2011; R-2017 | Keywords: Regulatory Compliance, Oversized Loads] If you are hauling equipment, over-dimension loads are a common part of that business model and confusion with regulations is a common issue within the industry. To add to the confusion, there is no consistency between Nebraska and Iowa when it comes to the transportation of farm...…
[2010; R-2013 | Keywords: Regulatory Compliance, Commercial Vehicle Inspections] Commercial motor vehicles must pass a thorough inspection by a qualified inspector at least once every 12 months in accordance with the Federal Motor Carrier Safety Regulations found in Title 49 Code of Federal Regulations 396.17. A commercial motor vehicle is any self-propelled or towed motor...…
[2013 | Keywords: Regulatory Compliance, Drugs & Alcohol] http://www.fmcsa.dot.gov/rules-regulations/administration/fmcsr/fmcsrruletext.aspx?reg=382.401 (a) General requirement. Each employer shall maintain records of its alcohol misuse and controlled substances use prevention programs as provided in this section. The records shall be maintained in a secure location with controlled access. Code of Federal Regulations182 (b) Period of retention. Each employer shall...…
[2013 | Keywords: Regulatory Compliance, OSHA] According to Ralph Nader (consumer advocate) there are no such things as “accidents.” Every “incident” can be traced back to a cause. I’m not sure whether I agree with Ralph entirely, but he does make a good point. Looking around your plant, warehouse or office, how many “incidents” do...…
[2013 | Keywords: Regulatory Compliance, Engine Oil, Oil] As of July 1, 2013, new standards regarding engine oil will take effect that may impact your business. The National Conference on Weights and Measures adopted new standards in 2012 that require equipment dealers and service providers to disclose the following information on invoices or receipts when...…
[2013 | Keywords: Regulatory Compliance, OSHA] The following are selected OSHA requirements that apply to many general industry employers. Hazard Communication Standard. This standard is designed to ensure that employers and employees know about hazardous chemicals in the workplace and how to protect themselves. Employers with employees who may be exposed to hazardous chemicals in...…
