JUNE NEWSLETTER

FREE PAYROLL FOR A YEAR!

I'm super excited about this contest! For all my small business owner/employee connections, make sure to enter to win!

And for all my other connections, make sure to share this with a small business. I'm sure they'd love the chance to win some great prizes!

FEDERAL TRADE COMMISSION -

NON-COMPETES: WHAT YOU NEED TO KNOW

On April 23, 2024, the Federal Trade Commission (FTC) issued its final rule prohibiting all non-compete agreements for all employees at all levels, with only extremely limited exceptions. While my scope of services does not include providing advice on employment agreements, I wanted to make you aware of this important development. I recommend you consult with your counsel if you have questions about the FTC rule.

DEPARTMENT OF LABOR -

FINAL OVERTIME EXEMPTIONS RULE

On April 23, 2024, the United States Wage and Hour Division of the Department of Labor (DOL), released a final rule which updates and revises the provisions of the Fair Labor Standards Act (FLSA) exempting executive, administrative, and professional employees from minimum wage and overtime requirements. The final rule is effective July 1, 2024. Review the details here.

Quarter End Checklist

ADP - SECOND QUARTER END 2024

With the Second quarter upon us, please review important reminders, checklists, and resources below that will assist you with various quarter tasks.

June 1: 2nd Quarter Preview Wage & Tax Registers and W2/1099s available in iReports
July 11: Last Day to Process a 2nd Quarter Previous Quarter Adjustment Payroll
Aug. 1: Statement of Deposit (SOD) available within SmartComplaince
Aug. 12: Form 941 Available on SmartCompliance
Aug. 14: Last day to Process a 2nd Quarter Adjustment Payroll as an Amendment
Aug. 15: PQAA (Previous Quarter Adjustment) begins for 2nd Quarter Adjustments

SECURITIES & EXCHANGE COMMISSION - PAYROLL TAX DEPOSIT TIMELINE CHANGES

The Securities and Exchange Commission (SEC) issued a rule change accelerating the settlement of securities transactions. The SEC refers to this rule change as the “T+1” rule. The new rule generally reduces the amount of time in which an employer must calculate, withhold, and deposit employment taxes on wages paid in the form of nonqualified stock options (NSO) or restricted stock units (RSU). The rule change went into effect on May 28, 2024.

Review the details here.

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