Categories: Accounting, Bookkeeping Services, Individual Tax Issues, Tax Services
by Kendall Tyson
If you are an employer, you should get ready for the new overtime and worker classification changes to the Fair Labor Standards Act (FLSA) that was recently published by the Department of Labor (DOL). According the DOL, the rule, which goes into effect December 1st 2016, will:
- Raise the salary threshold indicating eligibility from $455/week to $913 ($47,476 per year), ensuring protections to 4.2 million workers.
- Automatically update the salary threshold every three years, based on wage growth over time, increasing predictability.
- Strengthen overtime protections for salaried workers already entitled to overtime.
- Provide greater clarity for workers and employers.
Please visit the DOL’s Question and Answers section of their website for more detailed information.
Langdon & Company LLP is also available to assist business owners and help determine the impacts for their businesses.
Kendall ([email protected]) is a Manager in our tax practice. She works with various types of clients according to professional standards and tax laws.