Category Archives: Hot Topics

2016 Business Person of the Year – Steve Wei

2016-business-person-of-the-year-invitation

FLSA Overtime Rule Changes

LATEST NEWS: FAIR LABOR STANDARDS ACT OVERTIME REGULATIONS

SHRM Advocacy – Read Full Text of Article Here

The Department of Labor (DOL), through the Presidential Memorandum on Updating and Modernizing Overtime Regulations, is finalizing changes to “modernize and streamline” the Fair Labor Standards Act overtime regulations.

Key Elements of the New Regulation that HR Needs to Know Now:

  1. Salary Threshold Changed to $913/week ($47,476 per Year)
    This threshold doubles the current salary threshold level. While this level is slightly lower than the threshold in the proposed rule, it still encompasses many employees that are currently classified as exempt. SHRM was disappointed that DOL did not offer a more reasonable increase and set the threshold, as it has in the past, at a level designed to encompass those employees that are clearly notengaged in exempt-type work.
  2. Automatic Salary Threshold Increases Every 3 Years (Not Annually) to Maintain Level at 40th Percentile in Lowest-Wage Census Region
    DOL reduced the frequency of the automatic increases in response to concerns raised by SHRM and others. Instead of annual increases, the threshold will be adjusted every 3 years to maintain the level at the 40th percentile of full-time salaried workers in the lowest-wage Census region. Automatically updating the salary threshold, however, does not allow the government to take into account changing economic conditions, specific impact on certain industries, or regional differences. It also denies the public the ability to have input on the threshold as required by the regulatory process.
  3. Duties Test is Unchanged
    The absence of a duties test change is a significant win for the thousands of SHRM members who expressed concern in this area. DOL did not make changes to the standard duties test.
  4. Effective Date is December 1, 2016.
    SHRM advocated for a longer implementation period than the standard 60 days and the final rule provides additional time for employers to prepare. With the rule going into effect on December 1, 2016, HR professionals should review their current workforce immediately to determine which employees are affected, whether to re-classify those employees, and execute a communications strategy. HR should keep in mind the periodic adjustments and set a regular review process.
  5. Highly Compensated Employee (HCE) Exemption Is Now $134,004 Per Year
    The final rule retains the methodology in the proposed rule setting the threshold at the 90th percentile of full-time salaried workers nationally.

Impact on California

  1. Federal Salary Threshold Now Exceeds The California Threshold
    The U.S. DOL set a new threshold at $47,476 a year, higher than California’s current threshold, which is double the current state minimum wage. Since California’s minimum wage rose to $10 per hour in January of this year, the state’s overtime salary threshold has jumped to $41,600 a year. Because the federal level is higher, California employers will need to follow it to determine which employees are eligible for overtime pay. The increase in the salary threshold will also result in employees that are currently exempt in California being reclassified as non-exempt, which will have an adverse impact on workplace flexibility.
  2. Federal Rule’s Automatic Increases Mean That California Employers Will Need to Remain Aware of Both The Federal And State Thresholds to Ensure Compliance 
    DOL reduced the frequency of the automatic increases in response to concerns raised by SHRM and others. Instead of annual increases, the threshold will be adjusted every 3 years to maintain the level at the 40th percentile of full-time salaried workers in the lowest-wage Census region. Automatically updating the salary threshold, however, does not allow the government to take into account changing economic conditions, specific impact on certain industries, or regional differences. It also denies the public the ability to have input on the threshold as required by the regulatory process.
  3. Federal Rule Did Not Change Duties Test But California Employers Must Continue To Follow the State’s 51% Rule 
    California employers will need to continue to apply the duties test when categorizing employees. In addition to satisfying the salary threshold, executive employees in California must engage in exempt tasks at least 51% of the time that they work in order to be classified as exempt. The absence of a duties test change in the federal rule is a significant win for the thousands of SHRM members who expressed concern in this area.
  4. California Employers Remain Subject to California’s Law When More Favorable to Employees
    While federal policy only allows overtime pay based on a 40-hour work week, California employers must continue to comply with the state’s 8-hour workday restriction which allows eligible employees to claim overtime based on an 8-hour workday.

“Copyright 2015, SHRM. Reprinted with permission.”

2015 Annual Party

Invitation for Holiday Party 2015

2015 Wei, Wei & Co., LLP: Official Accountant – Voice Arts® Awards

Liren Wei, Managing Partner of Wei, Wei & Co., LLP at the 2nd Annual Voice Arts Awards

2015 Voice Arts Nominees – Wei, Wei & Co., LLP Press Release

VOICE ARTS® AWARDS ANNOUNCES 2015 NOMINEES

Wei, Wei & Co., LLP celebrates its first year leading the Voice Arts® Award balloting process on behalf of the Society of Voice Arts and Sciences (SOVAS™). Managing partner, Liren Wei, will oversee the tabulation and will be among only 4 people in the world who know the identity of the Voice Arts® Winners before the live show featuring famed actor, William Shatner on Sunday, November 15th at the Pacific Design Center in Hollywood California at 6pm PT (9pm ET) Award Nominees Include Beyonce, Tim Gunn, Julia Whelan, Ron Perlman, John Amos, Malcolm Jamal Warner, Bronson Pinchot, Carolyn McCormick.

For Immediate Release

New York, NY (October 19, 2015) – The Society of Voice Arts and Sciences™ (SOVAS™) is pleased to announce the nominees for the 2015 Voice Arts® Awards, an international competition showcasing the best work in professional voiceover acting, creative direction and communications for advertising, audiobook narration, movie trailers, video gaming, animation, television, radio and casting realms. The honorees will be celebrated during the 2nd annual Voice Arts® Awards ceremony on Sunday, November 15th at the Pacific Design Center, Los Angeles, CA at 6pm PT. The 2015 Voice Arts® Awards complete list of the nominees is featured at Voice Arts® Awards 2015 Nominee, culminating with the unveiling of the winners in each category on November 15th and the presentation of the Voice Arts® Icon Award (the jury’s highest honor) to William Shatner, who will be present for the ceremony.

“In voiceover work, the fewer the words, the better the message. I am honored by this award,” said Shatner.

Nominees for the Voice Arts Awards are chosen by an esteemed panel of judges, from submissions made by the leading producers, directors, casting directors, voice over actors and other relevant executives, entities and artists, whose work qualify in the respective categories. Past winners include John Hamm, NBC Universal, Penguin Random House Audio, Bobby Cannavale, Joe Cipriano and John O’Hara. The event is sponsored by Sennheiser, Backstage Magazine and CBS2. Wei, Wei & Co., LLP, is the official CPA firm overseeing the security and integrity of the awards process. 

Also being presented, in partnership with Backstage Magazine and the Society of Voice Arts and Sciences, is the Backstage Vanguard Award for Casting, awarded to Kevin Reher and Natalie Lyon of Pixar Animation Studios.  This honor is presented annually to exceptional entertainment professionals who have provided creative leadership and exemplary values that elevate the standards of the voice acting industry.

The Voice Arts® Awards recognizes an essential and extraordinary facet of acting and production – celebrating the talent and artistry of today’s best-in-class voiceover stars and celebrities, whose names and faces are often cloaked behind beloved animated characters or national brands. While many familiar faces from the entertainment world also perform as voice actors and are among the 2015 Voice Arts® Awards nominees, the Society of Voice Arts and Sciences™ is delighted to bring these more recognized names together, with the equally talented nominees who are primarily voice actors, and whose voices are often far more recognized than their names.

The 2015 Voice Arts Award nominees include (partial list only):

Talent

Medium Company Title
Tim Gunn Audiobook Narration – Author Performance, Best Voiceover Tantor Media Tim Gunn: The Natty Professor by Tim Gunn
Bronson Pinchot and Carolyn McCormick and Xe Sands Audiobook Narration – Science Fiction, Best Voiceover Blackstone Audio Acceptance By Jeff VanderMeer
Julia Whelan Audiobook Narration – Crime & Thriller, Best Voiceover Podium Publishing Amid the Shadows By Michael Grumley
Ron Perlman Audiobook Narration – Author Performance, Best Voiceover Blackstone Audio Easy Street (the Hard Way) by Ron Perlman
Malcolm Jamal Warner Outstanding Spoken Word or Storytelling LINK Entertainment Best Performance
Beyonce, Timothy Andres Pabon and Beyonce And Dean Ornish (MD) Audiobook Narration – Self Help, Best Voiceover Blackstone Audio The 22-Day Revolution By Marco Borges
John Amos Outstanding Body of Work Individual Submissions

Outstanding Body of Work

 

 

See the full list at Voice Arts®  Awards 2015 Nominees for entries from Jane The Virgin,  Discovery Channel, ESPN, McDonald’s, ABC Entertainment, Oxygen Network, Dateline NBC, Ovation Network, Domino’s Pizza and many others.

“The voice arts are an essential part of global communication on every level,” says SOVAS™ CEO Rudy Gaskins. “This international awards program recognizes and celebrates the talent and the creative use of the human voice on a variety of new, established and developing platforms.   We are thrilled to welcome and honor the world’s best voice artists with this first-of-its kind Voice Arts® Awards and ceremony. “

The Voice Arts® Awards nominees represent a diversity of talent, with innovative and inspiring work from around the globe, chosen by an elite panel of industry executives including Robin Whitten, President of the Audio Publishing Association; Doug Melville, Chief Diversity Officer of TBWA Worldwide, Paul Ruben, 2-time Grammy winner and president of Tribeca Audio; and Janet Wilcox, author of Voiceover: Techniques and Tactics for Success.

“Supporting the arts is one of my passions in life. This unique focus of the Voice Arts Awards captured my imagination, and I appreciate its potential to connect with a diverse global community.” says Liren Wei, Managing Partner of Wei, Wei &Co., LLP.

For more information on the Voice Arts Awards, visit: VoiceArts.org.

* * *

About The Voice Arts® Awards

The Voice Arts® Awards is an international awards competition created by the Society Of Voice Arts And Sciences™ (SOVAS™). The open competition features a number of categories of voice arts, and is voted upon by award-winning experts from the various disciplines that constitute the entry categories.  SOVAS™ honors industry visionaries and pioneers of the voice arts with a number of special awards including the Voice Arts Icon Awards for lifetime achievement.  Awards are presented during a live Voice Arts® Awards Gala which is open to the public. For more information about Society Of Voice Arts And Sciences™ (SOVAS™), or for tickets to Voice Arts® Awards Gala, visit VoiceArts.org.

Purpose The purpose of the Voice Arts® Awards is to provide international acknowledgement of the extraordinary skill and artistry of voiceover acting and associated industry professions. The Awards also encourage a best-in-class standard of achievement to which the voiceover industry can continually aspire. The Voice Arts® Awards will honor and acknowledge the voice actors, creative directors, copywriters, casting directors, talent agents, directors, producers, audio engineers, account executives, equipment manufacturers, podcasters, bloggers and others who create and sustain excellence within the voiceover industry. The Voice Arts® Award represents one of a host of programs administered by the Society Of Voice Arts And Sciences™ (SOVAS™), a non-profit 501 (c)3 corporation, whose overall mission is to the highest levels of artistic achievement, while providing support for education, training, career advancement and gainful employment throughout all facets of the voiceover industry.

Contact                                                                                                                                                Judi Durand, DAJDPR, 703-725-6017 (m) / Daryl Williams, DAJDPR, 646-373-6736 (m)

2015 Partners for Progress Gala

Liren Wei, Art Gallery Partner of the Year

Liren Wei, Managing Partner of Wei, Wei & Co., LLP honored at the 2015 Partners for Progress Gala as the Art Gallery Partner of the Year at Queensborough Community College

“Liren Wei first learned about Queensborough Community College several years ago when he attended the opening of a major African art exhibit at the QCC Art Gallery. The high caliber of the show and the Gallery’s acclaimed permanent African Art collection left a powerful impression on him.

Over the years, as Mr. Wei became a frequent visitor to Queensborough, he observed that, “The gallery is an extension of the classroom, where students are free to learn hands-on; exploring various artistic forms and cultures. I strongly believe that such enrichment translates into improved academic performance, and increased retention and graduation rates.”

Mr. Wei grew up in Queens and graduated Summa Cum Laude from Baruch College of The City University of New York with a Bachelor of Business Administration in Accounting. Today, he is the managing partner of Wei, Wei & Co., LLP a successful, full-service accounting firm he founded with his brother in 1995. The company is the largest Chinese-owned Certified Public Accounting firm in the United States with offices in New York and Los Angeles, and also an office in Beijing. Mr. Wei, a Certified Public Accountant, advises clients on a wide range of businesses and industries, including banking and finance.” – QCC, Press Release

Happy Lunar New Year 2015

Chinese New Year 2015 Wallpapers

Happy Chinese New Year!

May the Year of the Goat bring you Peace, Prosperity and Good Fortune!

~Wei, Wei & Co., LLP~

 

 

2014 Annual Party

Wei, Wei & Co., LLP 2014 Annual Holiday Party

  • Date: December 05, 2014 (Friday)
  • Time: 6:15 PM – 11:00 PM
  • Location: Mudan Banquet Hall 136-17 39th Ave, Flushing, NY 11354
  • Fee: Free admission for staffs plus one guest per staff.

Live entertainment and dancing all night.
You can eat, drink and karaoke.
We encourage you to attend this fun filled event.

Please R.S.V.P. by November 22nd

2014 Year-End Tax Planning for Businesses

Coming soon.

2014 Year-End Tax Planning for Individuals

In this issue, of the Wei, Wei & Co., LLP “Tax News Letter” we take a look at tax saving strategies by reviewing investment income, capital gains/losses, and retirement planning. Also in the news is the use of virtual currency and we discuss the impact it may have on your taxes at year-end.

Year-end planning can only go so far. Our mission is to trim down your tax bill. Tax-saving strategies need to be put in place earlier in the year to be effective, so speak to your tax professional to implement a strategy that is right for you. Here are some strategies to consider.
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