May 20, 2016
President Obama, declaring that “Americans have spent too long working more and getting less in return,” ordered the Labor Department to revise federal rules on overtime pay for salaried workers that log more than 40 hours a week. The long-awaited rule change will extend overtime pay to an estimated 4.2M workers.
Under current federal regulations, only salaried employees who make no more than $455 a week, or $23,660 a year, are guaranteed to receive overtime after working more than 40 hours a week. The new rules would raise that threshold to $913 a week, or $47,476 a year, giving salaried workers who are higher up the income scale the ability to work less or earn more for long hours.
The ruling also establishes a mechanism for automatically updating the salary and compensation levels every three years.
You can find detailed information on this new ruling on the United States Department of Labor website: https://www.dol.gov/whd/overtime/final2016/index.htm
Please feel free to contact our office if you have questions.
"With the approach of the holidays and the 2019 filing season, the Internal Revenue Service, state tax agencies and the nation’s tax industry warned people to be on the lookout following a surge of new, sophisticated email phishing scams."
IRS sees surge in email phishing scams; Summit Partners urge taxpayers: ‘Don’t Take the...
Whether your company supplies business autos to employees primarily as "perks" or as necessary tools to help them get their work done, their personal use of the auto has tax implications for them and for you. That's because an employee's personal use of a company auto generally must be treated as non-cash taxable fringe benefit that is also subject to social security taxes. Fortunately, the...
Most people still believe that estate planning is all about tax planning. Since the tax law now exempts most estates, they think they don’t really need an estate plan. But they do, and many people need an estate plan more than ever.
That’s a mistake. An estate plan involves a lot more than tax planning, and for most people the non-tax elements of a plan are more important...