Since the 1930s, U.S. businesses have relied on rules detailed in the Fair Labor Standards Act ("FLSA") to determine which employees are eligible to receive overtime pay. These rules are scheduled to change on December 1, 2016, for the first time in more than a decade.
Bringing on a CFO or a controller to handle the financial operations at an auto dealership is a big decision, and there a number of factors that management must consider, including the dealership’s size, the benefits of the hire and the time and money involved in such a commitment.
As most may know, the IRS does not have a materiality threshold when it comes to items on which they can enforce a ruling, but there are some ways to protect your company when the IRS comes calling for an audit. One of those is by establishing a capitalization policy for your company using the IRS de minimis safe harbor limits.