POSTED ON NOVEMBER 23, 2016 BY AAFCPAS As you may be aware, a federal district court judge issued a preliminary injunction blocking the U.S. Department of Labor's new overtime pay mandate. Employers are not required to comply with, or implement,...
POSTED ON NOVEMBER 23, 2016 BY AAFCPAS
As you may be aware, a federal district court judge issued a preliminary injunction blocking the U.S. Department of Labor’s new overtime pay mandate. Employers are not required to comply with, or implement, the requirements of the Overtime Rule that was slated to go into effect on December 1.
The Overtime Rule would have radically increased the thresholds for overtime rules, and expanded the number of employees eligible for overtime pay.
The judge said the Labor Department regulation exceeded the authority granted it by Congress, which he said gave Labor the right to define which workers are considered salaried but only based on the duties they performed, not by how much they made.
AAFCPAs thinks this will be welcome news for many business owners who had concerns about the economic impact of the rule, which would have had a major impact on business decisions like hiring, expansion, offering new benefits or more flexible work arrangements for employees, and may have possibly led to reductions in workforce.
If you have any questions, please contact your AAFCPAs partner.
More Articles
Potential changes to IRC Section 280E may create new planning opportunities for cannabis businesses, with broader access to deductions and credits. Early preparation may help...
AAFCPAs' cannabis team will attend Blank Rome's State of the Cannabis Industry Conference in Boston, joining industry leaders for one of the sector's premier forums...
AAF Wealth Management welcomes Julie A. Drainville, CFP®, ChFC®, EA, whose integrated approach to wealth management, tax strategy, estate planning, and long-term stewardship reflects the...
