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Article of Interest- Overtime Regulation Updates to the Fair Labor Standards Act

Recommended By: Mary Brown

On May 18, 2016, President Obama and Secretary Perez announced the publication of the Department of Labor (DOL)’s final rule updating the overtime regulations, which will automatically extend overtime pay protections to over 4 million workers within the first year of implementation.  This ruling is effective December 1, 2016 and employers in ALL industries will need to understand how these new rules will affect their company. If these new are ignored or mismanaged, the result could lead to DOL penalties, as well as issues with benefit plans and payroll taxes.

For more information on this new legislation, visit Wage and Hour Division (WHD) on the DOL website. If you would like to speak to one of our accounting professionals regarding how this legislation may affect you and your business, please contact Mary Brown at mbrown@ellinandtucker.com.


 

Mary Brown copyAs a Principal in the Audit, Accounting, and Consulting Department of Ellin & Tucker, Mary brings to the table more than 20 years of experience in providing financial reporting, tax, and management advisory and consulting services to privately held businesses and their owners. Mary’s accounting expertise, coupled with her previous experience as a corporate controller, gives her a unique, dual perspective into the financial operations and current financial reporting standards of privately held businesses.  

 

 

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