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Special Bulletin - October, 2016

Special Bulletins bring you important tax, business and financial news between regularly-scheduled issues of RBF News.  Here's an important matter we think you should know about.

New white collar overtime rules kick in December 1st.
In May, the U.S. Department of Labor released new rules governing overtime pay for "white collar" employees. Exemption amounts were increased, and the mechanisms for determining whether an employee qualified were modified.
 
Now the day of reckoning is fast approaching. Employers have until December 1, 2016 to assess the impact of the new rules on their employees and make any necessary changes. Any company found to be out of compliance thereafter will potentially face stiff penalties, including payment of back wages, civil penalties and attorney fees.
 
For a brief rundown of the new law's highlights, as well as our suggested steps for assessment and implementation, read our latest article here.

Where to turn for help and advice
As your accounting partner and business advisor, RBF can relieve much of the burden of assessment and planning, but be sure to get us involved as soon as possible. Just give us a call.

Your payroll company can also help with system adjustments and monitoring as the new rules take effect. Or consult the Department of Labor's Wage and Hour Division website or hotline at 1-866-487-9243 for further information and assistance.

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  RBF is the New England-area affiliate of Russell Bedford International, a leading global network of independent accounting and business consulting firms.

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