VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
2022-2023 Tax Planning Guide
M&A on the Way? Consider a QOE Report
IRS Reminder: Employers Must File W-2 Forms, Other Wage Statement...
NCUA Releases 2023 Supervisory Priorities
Recently, the Department of Labor (DOL) released a final rule that radically increases the thresholds for overtime rules, expanding the number of employees eligible for overtime pay protection to over 4 million workers within the first year of implementation.
Under the Fair Labor Standards Act, employees who work more than 40 hours in a week are entitled to overtime pay, unless they meet certain wage and duties tests. The new rule doubles the minimum salary threshold from $455 per week to $913 per week (which amounts to $23,660 annually to $47,476 annually), as well as raises the salary level for those classified under the “highly compensated employees” exemption for those earning $100,000 to $134,000 annually.
Doeren Mayhew understands that the DOL rule may impact major business decisions like hiring, expansion, offering new benefits or more flexible work arrangements for employees, and possibly even require reductions at your company. We can help you in assessing the effects of the new overtime-pay rule. Companies will have until Dec. 1, 2016, to make determinations on which employees to reclassify as nonexempt and implement the changes.
Rely on the expertise of Doeren Mayhew’s advisors to guide you through this change and help you plan for the future. Contact us today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
A quick registration is required to view our resources.
You will only be asked to do this one time (unless you don't save your browser cookies).