In 2014, the Wage and Hour Division of the U.S. Department of Labor (“WHD”) found over $240 million in back wages for more than 270,000 workers. That’s an average of more than $659,000 in back wages for workers every day. From 2009 to 2014, there was a 23% increase in WHD investigations of employers. In
Check out this article by Michael E. Fiffik, Esquire to find out if your business could be affected by the proposed rule change.
The recently published 2015 Kauffman Index of Start-Up Activity brought continued bad news for Pennsylvania and especially the Pittsburgh region. The Index intends to measure entrepreneurial activity in a variety of regions. Entrepreneurship is one of the most important activities of modern economic life. The creation and growth of new companies, as well as the
Richard F Welch, David P. Siegel and Michael E. Fiffik have been named by Pennsylvania Super Lawyers to an exclusive list of Pittsburgh’s Top 50 attorneys. Thousands of peer nominations and evaluations are combined with independent research. Each candidate is evaluated on 12 indicators of peer recognition and professional achievement. Selections are made on an annual
If you have at least one employee, you’re responsible for payroll taxes. These include withholding federal (and, where appropriate, state) income taxes and FICA tax from employees’ wages as well as paying the employer share of FICA tax and federal and state unemployment taxes. The responsibility is great and the penalties for missteps make it
The Disabled Beneficiary Someone who is unable to manage their financial affairs or who is eligible for government benefits, such as medicaid or supplemental security income (“SSI”) benefits would be someone who is a “disabled beneficiary” for purposes of this post. Gifts to disabled beneficiaries demand special attention and focus. The SSI program has strict
Many small businesses fail and when asked what contributed to the business failure, business owners cite lack of management experience or expertise as a prominent reason for the failure of their business. Even the greatest business idea can get choked by an entrepreneur’s inexperience in business management fundamentals. There are countless traps for the unwary
Naming Your Estate as Beneficiary It is almost never a good idea to name your estate as a beneficiary of life insurance policy, investment account or qualified plan (for example an IRA, 401(k), qualified annuity). There are several reasons to avoid doing this. Naming your estate as beneficiary will cause those assets to be
Bequests and Gifts to Minors If you are providing for children or grandchildren under 18 years of age, you should never leave them a gift or bequest in their own name. This rule applies not just to bequests in your will but also listing minors on beneficiary forms for life insurance, investment accounts and qualified
Failure to Understand How Your Assets Will Pass Upon Your Death Many people think that their Wills control how and to whom their assets pass upon their death. The reality these days is that many assets pass outside the scope of a Will. For example, assets titled jointly with another person often pass to the
