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Monitor Overtime Pay for Your Remote Workers

September 24, 2020 by Reynolds & Rowella Leave a Comment

Paying your employees for hours that you know they’ve worked is straightforward enough. But what if they’re doing more work than you think they are — or more than you’ve asked them to do? As federal regulations state, “Work not requested but suffered or permitted is work time” and, thus, must be compensated.

As explained in a new Department of Labor (DOL) field assistance bulletin (FAB), “If the employer knows or has reason to believe that the work is being performed, he must count the time as hours worked.” The rub, the FAB explains, is this:

“While it may be easy to define what an employer actually knows, it may not always be clear when an employer ‘has reason to believe that work is being performed,’ particularly when employees telework or otherwise work remotely at locations that the employer does not control or monitor.”

CLICK BUTTON – FAB: Employers’ obligation to exercise reasonable diligence in tracking teleworking employees’ hours of work

You Should’ve Known

Generally, the onus is on you to keep employees from performing more work than you want them to and are paying them to perform — whether it’s to prevent you from having to pay overtime rates or more regular time hours than you’ve budgeted. According to the FAB, “employers bear the burden of preventing work when it’s not desired,” and “the mere promulgation of a rule against such work is not enough.”

“Management has the power to enforce the [work hours limit] rule and must make every effort to do so,” it states. And yet courts have been clear that there are limits to the meaning of “make every effort.” In one case, a federal court ruled that the key is whether an employer’s inquiry about employees’ work activities are reasonable “in light of the circumstances surrounding the employer’s business, including existing overtime policies and requirements.” The bottom line, though, is that you need to make a genuine effort to know how many hours your employees are working, whether they’re operating from their homes or at your regular worksite.

Recordkeeping

It’s important to have a good timekeeping system that requires hourly employees to use if they want to be paid for all of the time they work. Your system should make it obvious to you if employees start to log enough hours to qualify for overtime pay. That enables you to take steps to ensure that workers don’t, or don’t continue to, log hours that must be paid at time-and-a-half.

The DOL’s new guidance is particularly concerned with salaried non-exempt employees. The simplest approach to managing workers’ hours, the FAB suggests, is to provide “a reporting procedure for non-scheduled time” and paying employees accordingly, even if you didn’t ask them to work those extra hours. (You might also then have a discussion with the employees, laying out your expectations about how many hours they should spend on various elements of their jobs.)

With such a reporting system in place, if employees fail to report unscheduled hours through the established procedure, what is your responsibility? “The employer is not required to undergo impractical efforts to investigate further to uncover unreported hours of work and provide compensation for those hours,” states the FAB.

Practicality Standard

What’s impractical? While you might have access to data indicating when employees are accessing their work computers, you don’t have to sort through this information to determine whether employees worked longer hours than they’ve reported.

The FAB’s conclusion is supported by a federal appeals court ruling involving Chicago policemen who sued the city for overtime pay. The plaintiffs argued that the police department should have monitored officers’ cell phone logs to determine whether they were working overtime. The Court of Appeals ruled that the City of Chicago lacked either actual or constructive knowledge that members of the Chicago Police Department were performing after-hours work on their smartphones—affirming a trial court’s earlier ruling that the City was not liable for this work under the Fair Labor Standards Act.

However, if employees are in any way discouraged from reporting work they performed that was beyond what was scheduled, employers are on the hook for paying overtime. The most brazen form of discouragement would be explicit, such as threatening the worker’s job future for reporting overtime hours worked. But the FAB cites another form of discouragement that could be inadvertent: establishing a system for employees to report overtime hours but neglecting to properly instruct employees on how to use that system.

The Bottom Line

The practical implication of the guidance provided in the FAB is that if you don’t currently have a system in place for nonexempt salaried employees to report overtime work, you should establish one. Then train your employees — whether working remotely or not — on how to use it. 

Reynolds + Rowella’s HR Consulting team is here to help you identify the right reporting system for your organization and develop training guides to ensure compliance with your team. Please reach out to Katie Hall for assistance.

REYNOLDS & ROWELLA | ACCOUNTING AND CONSULTING

Reynolds + Rowella is a regional accounting firm known for a team approach to financial problem solving. As Certified Public Accountants, our partners foster a personal touch with our clients. As members of DFK International/USA, an association of accountants and advisors, our professional network is international, yet many of our clients have known us for years through the local communities we serve.

The firm has offices at 90 Grove St., Ridgefield, CT and 51 Locust Ave., New Canaan, CT

For more information, give us a call at 203.438.0161 or email us.

Filed Under: Remote Workers, Uncategorized Tagged With: Best Accounting Firms Fairfield County CT, Financial Planning Fairfield County CT, Overtime Pay, Remote Workers, Working from home

3 Steps to Increase the Likelihood of Your PPP Loan Forgiveness

September 11, 2020 by Reynolds & Rowella Leave a Comment

With the forgiveness process now open, accountants, tax professionals and auditors are working around the clock to submit forgiveness applications on behalf of their clients. Without forgiveness, millions of businesses will be saddled with debt they cannot afford and otherwise likely would not have borrowed. The impact of mass non-forgiveness will likely be another major obstacle to economic recovery. Thus, the pressure is on lenders and the Small Business Administration to forgive as many of the loans as legally possible.

There are several steps that you can take to increase the likelihood of Payment Protection Program PPP loan forgiveness:

1. Be thorough. Submit a PPP loan forgiveness application that is clear and contains all the supporting information. Accountants should outline the basis for their calculations. Remember, temporary employees not experienced in financial reviews will be considering many of these applications on behalf of lenders and the SBA.

2. Be conservative. Remember, recent guidance has allowed more flexibility on the timeframe to spend the loan. If using a shorter time frame makes your calculations too close for comfort, extend your review period. For example, rather than use a questionable utility expense, just include one additional payroll for qualifying employees.

3. Be educated. After reviewing the guidance provided by the SBA, go over it in detail with your tax professional. Each business is unique and benefits from different parts of the guidance. It is cumbersome and complex, but knowing the rules will make completing the forgiveness application process much smoother.

Read More: PPP LOAN FORGIVNESS

What’s Next:

We understand the PPP loan forgiveness process can be intimidating but you are not alone, and we are here to help! If you have any questions or if we can be of assistance in calculating your forgivable PPP loan and forgiveness application, please reach out to your R+R financial professional or complete the contact us form.

REYNOLDS & ROWELLA | ACCOUNTING AND CONSULTING

Reynolds + Rowella is a regional accounting firm known for a team approach to financial problem solving. As Certified Public Accountants, our partners foster a personal touch with our clients. As members of DFK International/USA, an association of accountants and advisors, our professional network is international, yet many of our clients have known us for years through the local communities we serve.

The firm has offices at 90 Grove St., Ridgefield, Conn., and 51 Locust Ave., New Canaan, Conn. For more information, give us a call at 203.438.0161 or email us.

Filed Under: PPP Loan Forgivness Tagged With: Accounting, Best Accounting Firms Fairfield County CT, Financial Planning Fairfield County CT, PPP Loan Forgivness

THE CONNECTICUT POST NAMES REYNOLDS + ROWELLA A WINNER OF THE SOUTHERN CONNECTICUT 2019 TOP WORKPLACES AWARD

October 1, 2019 by Reynolds & Rowella Leave a Comment

Reynolds + Rowella, an accounting and consulting firm with offices in Ridgefield and New Canaan has received a 2019 Top Workplace Award.  Hearst Connecticut Media Group has recognized 50 companies and organizations as Top Workplaces for 2019.  These companies have been recognized based solely on surveys about the workplace completed by their employees.  The survey asks questions related to seven different topics regarding workplace culture.  This marks the fourth consecutive year Reynolds + Rowella has won a Top Workplace award for Southern Connecticut.

“The Partners are proud to be recognized as a top workplace again.  For the past four years, our staff has exceeded our expectations in creating a unique culture,” says Managing Partner, Frank Rowella.

REYNOLDS & ROWELLA | ACCOUNTING AND CONSULTING FAIRFIELD COUNTY CT

Reynolds + Rowella is a regional accounting firm known for a team approach to financial problem solving. As Certified Public Accountants, our partners foster a personal touch with our clients. As members of DFK International/USA, an association of accountants and advisors, our professional network is international, yet many of our clients have known us for years through the local communities we serve.
Our mission is to operate as a financial services firm of outstanding quality. Our efforts are directed at serving our clients in the most efficient and responsive manner possible, delivering services that exceed the expectations of those we serve. The firm has offices at 90 Grove St., Ridgefield, Conn., and 51 Locust Ave., New Canaan, Conn. For more information, give us a call at 203.438.0161 or email us.

Filed Under: Top Workplaces Award Tagged With: Accounting Services Fairfield County CT, Best Accounting Firms Fairfield County CT, Financial Planning Fairfield County CT

How Does the Dark Web Impact Small Businesses?

June 17, 2019 by Reynolds & Rowella Leave a Comment

Identity theft is an unfortunate occurrence that is all too familiar with most business owners, but do those individuals know where the compromised data will end up? Often, these business owners are unaware of the virtual marketplace where stolen data is purchased and sold by cybercriminals; a place known as the “Dark Web”.  It’s important to understand what information is available for purchase there and how it impacts small businesses.

What is the Dark Web?

The Dark Web, which is not accessible through traditional search engines is often associated with a place used for illegal criminal activity. While cybercriminals tend to use the Dark Web as a place to buy and sell stolen information, there are also sites within it that do not engage in criminal activity. For many, the most appealing aspect of the Dark Web is its anonymity.

What is for sale on the Dark Web?

Information sold on the Dark Web varies, and includes items such as stolen credit cards, stolen account information from financial institutions, forged real-estate documents, stolen credentials and compromised medical records. Even more alarming, the Dark Web contains subcategories allowing a criminal to search for a specific brand of credit card as well a specific location associated with that card. Not only can these criminals find individual stolen items on the Dark Web, but in some cases, entire “wallets” of compromised information are available for purchase, containing items such as a driver’s license, social security number, birth certificate and credit card information.

What is stolen personal information used for?

When stolen information is obtained by criminals, it can be used for countless activities like securing credit, mortgages, loans and tax refunds. It is also possible that a criminal could create a “synthetic identity” using stolen information and combining it with fictitious information, thus creating a new, difficult to discover identity.

Why are stolen credentials so valuable? 

Stolen user names and passwords are becoming increasing popular among cybercriminals, but why? Identity thieves will often hire “account checkers” who take stolen credentials and attempt to break into various accounts across the web using those user names and passwords. The idea here is that many individuals have poor password practices and are using the same user name and password across various accounts, including business account such as banking and eCommerce. If the “account checker” is successful, the identity thief suddenly has access to multiple accounts, in some cases allowing them the opportunity to open additional accounts across financial and business-horizons. 

Why should small businesses be concerned about the Dark Web?

Since the Dark Web is a marketplace for stolen data, most personal information stolen from small businesses will end up there, creating major cause for concern. With the media so often publicizing large- scale corporate data breaches, small businesses often think they are not a target for cybercriminals, however that is not the case. Cybercriminals are far less concerned about the size of a business than they are with how vulnerable their target is. Small businesses often lack resources to effectively mitigate the risks of a cyberattack, making them a prime target for identity theft as well as other cybercrime.

At a recent Federal Trade Commission (FTC) conference, privacy specialists noted that information available for purchase on the Dark Web was up to twenty times more likely to come from a company who suffered a data breach that was not reported to the media. The FTC also announced at the conference that the majority of breaches investigated by the U.S. Secret Service involved small businesses rather than large corporations.

How can you reduce the risk for your small business?

To reduce the risks of a cybercriminal gaining access to your company’s information/network, you must ensure you have proper security measures in place.

In addition, it is crucial that your employees are properly trained on security, including appropriate password practices.

Get a Free Dark Web Scan on Us

To help you get started on the path to cybersecurity, we’re happy to provide your business with a full Dark Web Scan completely free of charge.

This is our way of giving you some peace of mind and providing a risk-free way to ‘sample’ our capabilities.

We will vigilantly search the most secretive corners of the Internet to find compromised information associated with your company.  This will include the full data set that we were able to find, completely uncensored, passwords and all.You can then use this information to know where you stand and help you plug any security holes.

To get your free Dark Web Scan, simply email securityscan@reynoldsrowella.com

Have concerns about your business? Our IT consulting group can assist with security options for businesses of any size.  Contact our Strategic IT Services Director Jarrett Meiers jarrettm@reynoldsrowella.com 203-438-0161 to discuss your situation.

Reynolds + Rowella is a regional accounting firm known for a team approach to financial problem solving. As Certified Public Accountants, our partners foster a personal touch with our clients. As members of DFK International/USA, an association of accountants and advisors, our professional network is international, yet many of our clients have known us for years through the local communities we serve.
Our mission is to operate as a financial services firm of outstanding quality. Our efforts are directed at serving our clients in the most efficient and responsive manner possible, delivering services that exceed the expectations of those we serve. The firm has offices at 90 Grove St., Ridgefield, Conn., and 51 Locust Ave., New Canaan, Conn. For more information, give us a call at 203.438.0161 or email us.

Filed Under: Cybersecurity Tagged With: Accounting Services Fairfield County CT, Best Accounting Firms Fairfield County CT, Cybersecurity Fairfield County CT, Financial Planning Fairfield County CT, The Dark Web

Strength in Numbers 2019

June 10, 2019 by Reynolds & Rowella Leave a Comment

The Partners at Reynolds + Rowella are pleased to announce the following Strength In Numbers Scholarship Award winners for 2019. Since 2000, the firm has awarded $500 scholarships to two graduating seniors from New Canaan, Ridgefield and Wilton High Schools.

Congratulations to all the winners!

New Canaan High School Winners:
Luke Crowley, Ryan Levene

Ridgefield High School Winners:
MacKenzie Robson, Ryan Garson

Wilton High School Winners:
Alexander (AJ) Eustace, Rebekah Sherwood

Reynolds + Rowella is a regional accounting firm known for a team approach to financial problem solving. As Certified Public Accountants, our partners foster a personal touch with our clients. As members of DFK International/USA, an association of accountants and advisors, our professional network is international, yet many of our clients have known us for years through the local communities we serve.
Our mission is to operate as a financial services firm of outstanding quality. Our efforts are directed at serving our clients in the most efficient and responsive manner possible, delivering services that exceed the expectations of those we serve. The firm has offices at 90 Grove St., Ridgefield, Conn., and 51 Locust Ave., New Canaan, Conn. For more information, give us a call at 203.438.0161 or email us.

Filed Under: Strength in Numbers 2019 Tagged With: Best Accounting Firms Fairfield County CT, Financial Planning Fairfield County CT, High School Scholarship Award, New Canaan High School, Reynolds and Rowella, Ridgefield High School, Wilton High School

Reynolds + Rowella Volunteers at The Catherine Violet Hubbard Animal Sanctuary

August 15, 2018 by Reynolds & Rowella Leave a Comment

More than 45 partners and staff of Reynolds + Rowella, a consulting, audit and accounting firm, spent their second year in a row at the 34-acre Catherine Violet Hubbard Animal Sanctuary in Newtown, CT, for their Annual Day of Caring on June 21, 2018.

Jenny Hubbard, President of the CVH Foundation said, “we are always left in awe with the kindness and generosity shared by Reynolds + Rowella. Over the course of one day, the sanctuary landscape was transformed and phase one of our community gardens project was completed – especially fitting as this was the very team who installed the inaugural garden bed almost a year ago. More than anything, the laughter, smiles and support that filled the sanctuary offered a reminder of the hope and healing that abounds. We are grateful that Reynolds + Rowella would continue to walk with us on the very special journey.”

Reynolds + Rowella started the Day of Caring in 2010 and has continued it every year since with different organizations, including: Green Chimneys in Brewster, NY, Woodcock Nature Center in Wilton, CT and The Dorothy Day Hospitality House in Danbury, CT.

Filed Under: The Catherine Violet Hubbard Animal Sanctuary Tagged With: Accounting Services Fairfield County CT, Annual Day of Caring Reynolds + Rowella, Best Accounting Firms Fairfield County CT, Day of Caring CT, Financial Planning Fairfield County CT, The Catherine Violet Hubbard Animal Sanctuary

Congratulations Jarrett Meiers

June 29, 2018 by Reynolds & Rowella Leave a Comment

 

From all your friends and family at Reynolds + Rowella, congratulations on this well-deserved award. For the past 14 years, you have been a very important part of the firm. Whether it be your expertise with all matters IT, your inward focus on making things better at R+R or your numerous community volunteering endeavors, you have proven yourself as a great asset to the firm and more importantly, a great person. We look forward to the next 14 years and all the great things to come!

Filed Under: Winner forty under forty Tagged With: Accounting Services Fairfield County CT, Best Accounting Firms Fairfield County CT, Financial Planning Fairfield County CT, Jarrett Meiers, Jarrett Meiers Winner Forty Under Forty, Reynolds + Rowella

Collene Torres: Panelist At The Forecast

Your Future Event

February 15, 2018 by Reynolds & Rowella Leave a Comment

Collene Torres, Supervisor, CPA, MBA, BV with Reynolds + Rowella from the New Canaan office, was a panelist at the Forecast Your Future: “What to Expect for your Business” sponsored by the Ridgefield Chamber of Commerce and Salem Golf Club.  The experts provided insights into the economy, interest rates, tax changes, and global market which was held at the Salem Country Club in North Salem, NY Thursday, February 8th.  The event was very informative, educational with many networking opportunities throughout the evening.

If you have any questions regarding the recent tax changes, be sure to contact Collene Torres at 203.972.5191 or send her an email.  She would be delighted to speak with you!

 

REYNOLDS & ROWELLA | ACCOUNTING AND CONSULTING FAIRFIELD COUNTY CT

Reynolds & Rowella, LLP is a regional accounting firm known for a team approach to financial problem solving. As Certified Public Accountants, our partners foster a personal touch with clients. As members of Enterprise Worldwide, an association of accountants and advisors, our professional network is international, yet many of our clients have known us for years through the local communities we serve. Whether closely-held corporations or high-net-worth individuals, we believe we have earned our clients’ trust.

Filed Under: Forecast into the future Tagged With: Accounting Services Fairfield County CT, Best Accounting Firms Fairfield County CT, Financial Planning Fairfield County CT

COLLENE TORRES EARNS CERTIFIED VALUATION ANALYST (CVA) CREDENTIAL

January 11, 2018 by Reynolds & Rowella Leave a Comment

For Immediate Release:

Ridgefield, CT – Collene Torres, Supervisor, CPA, MBA, with Reynolds + Rowella in their New Canaan office, has successfully completed the certification process with the National Association of Certified Valuators and Analysts (NACVA) to earn the Certified Valuation Analyst (CVA) designation. The CVA designation is granted only to individuals who have met a high bar or prerequisite qualifications and passed a substantive examination testing both understanding of theory and the application of skills in the field of private company business valuation.

Collene is pleased to offer business valuation services to both existing and new clients, a value addition for businesses and their owners that she has typically served in the areas of tax planning and compliance. “Having the tools to value a business allows me to view my clients’ businesses from more than just a tax perspective.” The firm offers business valuation services for business borrowing needs, estate and trust planning, buy and sell arrangements, and divorce agreements.

For more information about Reynolds + Rowella business valuation, accounting, consulting and tax compliance services, contact Collene Torres at 203-972-5191 or collenet@reynoldsrowella.com.

Visit our website at www.reynoldsrowella.com

Filed Under: Uncategorized Tagged With: Accounting Services Fairfield County CT, Best Accounting Firms Fairfield County CT, Financial Planning Fairfield County CT

Is it time to update your beneficiary list?

December 27, 2017 by Reynolds & Rowella Leave a Comment

It’s not uncommon to lose track of your beneficiaries, including which accounts have them, and who you designated. However, it is important to keep them current.

Make your beneficiary designations a priority

When you designate a beneficiary for an account, that person inherits the assets in the account, regardless of what your will says. That’s why updating your will periodically may not be enough.

Typically, you’ll have beneficiaries for each of your IRAs, your 401(k) or other retirement plans, annuities and insurance policies. Your designations could be out of date just because of life’s changes. Since you made your initial choices, you may have married, had children or divorced. Some of the beneficiaries you chose could have died, divorced or married. Their circumstances could have changed so you no longer want them to be the beneficiary.

Tax laws change frequently as well, and they can have an impact on your choices. Choosing the wrong beneficiary, or failing to name a contingent beneficiary, can affect the long-term value of your IRA assets after you die. That’s why it’s important to review your choices with tax consequences in mind.

How to update your designations

At a minimum, you should have copies of your beneficiary designations in one place. If you don’t, call the trustees of your retirement accounts and your insurance agent and request copies.

Then review the documents and decide what changes you’d like to make. Make an appointment to review your decisions with your tax- and estate-planning advisor. Discuss matters such as naming secondary beneficiaries and whether to name your estate as a beneficiary (which is sometimes not a good idea).

Finally, send your changes to the account trustee, ask for a confirmation, and keep copies in your records.

If you have questions about tax consequences or other tax matters related to your estate, contact us at consulting@reynoldsrowella.com.

Filed Under: Financial Planning Tagged With: beneficiary, Best Accounting Firms Fairfield County CT, Financial Planning Fairfield County CT

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