law

Overtime Ruling Thrown into Uncertainty

US Department of Labor - Creative Commons

The overtime rule that was supposed to take effect on December 1st has been blocked by a federal judge in Texas last week.

The rule, which was set to take effect on Dec. 1, 2016, would have increased the salary threshold for the “white collar overtime exemptions” to $47,476 per year. The judge’s ruling gives employers across the country a reprieve from having to raise salaries for exempt employees to the new threshold or pay them overtime.

An appeal is possible and the DOL said in a statement it would review the courts order. In the meantime, we will keep you updated on any new developments. If you have any questions, feel free to contact your Linkenheimer CPA.

By |December 1st, 2016|law|0 Comments

New Overtime Rules are Changing on December 1st. Are You Ready?

Earlier this year new overtime rules were published modifying the regulations under the Fair Labor Standards Act (FLSA). The rulings may impact the way your business clients classify and compensate their employees. As many as 4.2 million workers may need to be reclassified as a result of this change, and businesses must be in compliance by December 1, 2016.

What has changed.
The minimum salary requirement for certain employees to be considered exempt from the FLSA’s overtime requirements will increase from $23,660 to $47,476 annually (or from $455 to $913 weekly).

If you or your clients have exempt employees earning less than $47,476 per year, you may need to increase their salary or reclassify them as non-exempt and pay them overtime when due. If you have any questions, please contact your Linkenheimer LLP CPA.

By |October 3rd, 2016|federal, law|0 Comments

Obama Administration Postpones Large Employer Health Care Mandate Until 2015

The requirement that businesses provide their workers with health insurance or face fines – a key provision contained in President Obama’s sweeping health care law – will be delayed by one year, the Treasury Department said Tuesday.

The postponement came after business owners expressed concerns about the complexity of the law’s reporting requirements and some viewed it to be a potential job killer in an already struggling economy. Under the Affordable Care Act, businesses employing 50 or more full-time workers that don’t provide them health insurance will be penalized. The extra year before the requirements go into effect will allow the government more time to assess ways to simplify the reporting process for businesses.

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