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Special Bulletin - December, 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.

Texas court blocks new white collar overtime pay rule.
Last week, a  federal judge granted a preliminary injunction preventing a new wage rule from taking effect that would have made certain white collar workers eligible for overtime pay. 

The ruling pushes back the December 1, 2016 effective date indefinitely, and puts numerous businesses who had been preparing for the new requirement in limbo while the court weighs a legal challenge to the requirement.

The rule would nearly double the threshold at which executive, administrative and professional employees are exempt from overtime to $47,476 from $23,660. We summarized the new rule's highlights in our previous Special Bulletin, and provided suggestions for assessment and implementation.
Where to turn for help and advice
So, how should employers proceed in light of the court ruling? For a helpful look at the legal aspects of these latest developments, we direct you to  this summary from Boston law firm Hirsch Roberts Weinstein LLP. 

As always, your accounting and business advisors here at RBF can help you work through all the tax, financial and practical issues affecting your company's policies concerning overtime pay. Just give us a call.
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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.