Perspectives

Closing out the year can be a hectic time. Implementing some of these tips in to your process could help clear pesky receivables from your ledger before the end of the year and help you breeze through year-end close next year:

• Perform a close calendar walkthrough with all the key parties involved.
• Prepare a reconciliation for every account, even accounts with no activity.
• Prepare activity roll-forwards for accounts receivable and bad debt reserve, fixed assets, intangible assets, goodwill balances, etc.
• Review your Aged Accounts Receivable report, try and collect from clients with 30-60 day past due accounts. These are most likely to pay quickly.
• Check in with clients that possess 60-90 day past due accounts and make sure they have received all your communications about their debt.
• Review uncollectible accounts and write-offs. Identify what went wrong to improve your process moving forward.

If you would like to clean up your collection process for 2023-the experienced attorneys at Wagner, Falconer & Judd are only a phone call away.

Perhaps not our most intriguing information share to date, but still equally important. Come the New Year, do you know which of your business states will be due for a minimum wage increase? If you answered no, then you’re in luck—below is a compiled list of all the US states with planned minimum wage increases to have on your radar. If your state is not listed, then this year you have one less policy to update.

• Alaska
  • Minimum wage increases to $10.85
• Arizona
  • Flagstaff minimum wage increases to $16.80
  • Tucson minimum wage increases to $13.50
• California
  • Statewide minimum wage increases to $15.50
• Colorado
  • Statewide minimum wage increases to $13.65
  • Denver minimum wage increases to $17.29
• Connecticut
  • Statewide minimum wage increases to $15.00
• Delaware
  • Statewide minimum wage increases to $11.75
• Illinois
  • Statewide minimum wage increases to $13.00
  • Chicago minimum wage increases to $15.00 for employers of 4 to 20 employees
• Maine
  • Statewide minimum wage expected to increase to $13.80 based on the anticipated Consumer Price Index adjustment
  • Portland minimum wage increases to $14.00
  • Rockland minimum wage increases to $14.00
• Maryland
  • Statewide minimum wage increases to $13.25 for employers of 15 or more employees and $12.80 for employers of 14 or fewer employees
  • Howard County minimum wage increases to $15.00 for large employers (15 or more) and $13.25 for small employers (14 or fewer)
• Massachusetts
  • Statewide minimum wage increases to $15.00
• Minnesota
  • Statewide minimum wage increases to $10.59 for large employers (annual gross sales of $500,000 or more) and $8.63 for small employers (annual gross sales of less than $500,000)
  • Minneapolis minimum wage increases to $15.19 for employers with 100 or more employees
  • St Paul minimum wage increases to $15.19 for macro employers (those with more than 10,000 employees)
• Missouri
  • Statewide minimum wage increases to $12.00
• Montana
  • Statewide minimum wage increases to $9.95
• Nebraska
  • Statewide minimum wage increases to $10.50
• New Jersey
  • Statewide minimum wage increases to $14.13 for most employers (those with 7 or more employees) and $12.93 for small (those with 6 or fewer employees) and seasonal employers
• New Mexico
  • Statewide minimum wage increases to $12.00
  • Albuquerque minimum wage increases to $12.50
  • Las Cruces adopts the statewide minimum wage as of January 1, 2023
• Ohio
  • Statewide minimum wage increases to $10.10 for employers generally and remains at the federal minimum wage ($7.25) for businesses grossing less than $372,000 annually.
• Rhode Island
  • Statewide minimum wage increases to $13.00
• South Dakota
  • Statewide minimum wage increases to $10.80
• Virginia
  • Statewide minimum wage increases to $12.00
• Washington
  • Statewide minimum wage increases to $15.74
  • City of SeaTac minimum wage increases to $19.06
  • Seattle:
    • $18.69, for employers of 501 or more employees.
    • $16.50, for employers of 500 or fewer employees that contribute at least $2.19 an hour to the individual employee’s medical benefits and/or the employee earns at least $2.19 an hour in tips.
    • $18.69, for non-qualifying small employers.

There is a dedicated team at Wagner, Falconer & Judd that can help you simplify your HR needs. Check out our Support Services options to see if we are a fit for you! 

Mediation is when a neutral third party, called a mediator, works with each party in a lawsuit to reach a compromise before going to trial. The mediator will point out issues in the case or areas of weakness and the benefits of settling. Some of the benefits of settling include, less stress, fewer expenses, and a faster agreement. And unlike judge or jury decisions, settlements cannot be appealed, this allows you to achieve finality on the case so you can move on with your life.

Because of all these benefits, judges almost always order parties to mediate the case before going to trial. Even when a judge doesn’t order mediation, parties often agree to mediate to save the expense and stress of going to trial.

The attorneys at Wagner, Falconer & Judd are skilled at translating legalese for our clients, and are here to help you navigate the complex legal process. If you think you could benefit from our services, reach out today. Having a dedicated attorney on your side is always a good plan!