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The Department of Labor (DOL) updated the rules for paying overtime to employees in May 2016. The new overtime rules will take effect on December 1, 2016. In preparation, you will need to begin reviewing your payroll now to prevent penalties and fines that may be assessed for non-compliance
of the new rules.
Under the new rules, salaried employees who earn less than $913 per week ($47,476 per year) will be eligible for overtime pay. That's double the annual exempt amount of $23,660 under current rules.
FYI: The IRS extended the time to claim the Work Opportunity Tax Credit (WQTC), for certain employees hired in 2015 and 2016, until September 28, 2016.
At Summit CPA we can help you get your business on the right financial track. We also have the capability to assist you virtually anywhere in the USA. If you need assistance, contact our office at (855) 977-7623 to schedule an appointment with our advisors.
