WINTER 2008

CDH launches secure Client Portal

IRS prepares for first spike in 2008 filing season

Prove it! IRS demands less proof of business expenses in certain situations

IRS reveals stepped up audits of high-income individuals and pass-through entities


	Do I have a higher risk of being audited if I file early? I just hired a new employee and want to know how long I need to keep the resumes from other candidates on file I heard that the I-9 form changed and wanted to know what changed and where I can get an updated version. If an employee is considered a salaried employee, is there any circumstance where I am required to pay overtime pay? Are we required to give employees a certain number of paid vacation or holidays? Should I make a campaign contribution this year?

	Congratulations To… New Hires

About Corbett, Duncan & Hubly
Corbett, Duncan & Hubly, P.C. (www.cdhcpa.com) is a Crain’s Chicago Business Top 25 accounting and consulting firm. The firm provides clients a full range of professional services including: assurance, tax, risk management, valuation, litigation, fraud investigation, merger & acquisition, and business consulting.

Corbett, Duncan & Hubly
100 Pierce Road, Suite 100
Itasca, IL 60143
630-285-0215
630-285-1166 (fax)

www.cdhcpa.com

A 2006 Crain’s Chicago Business Top 25 Accounting Firm

GENERAL DISCLAIMER:
This newsletter is not intended to render legal, accounting or other professional services. The publisher assumes no liability for the reader's reliance on its contents. © 2007.

IRS CIRCULAR 230 DISCLOSURE:
To ensure compliance with requirements imposed on June 20, 2005 by the United States Treasury, we inform you that any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of 1) avoiding tax-related penalties or 2) promoting, marketing or recommending to another party any tax-related matters addressed in this communication.

If an employee is considered a salaried employee, is there any circumstance where I am required to pay overtime pay?

Eligibility and requirements for overtime pay is regulated by a federal law, the Fair Labor Standards Act (FLSA) and may also be regulated by some state laws. In general, these laws look at the actual duties performed by an individual, regardless of the individual’s job title, when determining whether someone should be paid overtime wages. Should an employee be deemed eligible for overtime wages, employers are required to pay overtime at a rate of one and a half times the hourly rate for any hours actually worked over 40 in a week. Vacations, holiday and sick days may be excluded from any calculation related to hours worked in a week.

Before taking any action, we recommend that you consult with your own labor attorney to confirm that you are in compliance with current state and federal regulations. For more information on this topic, you may also call Mary Curran, Director of Human Resources.