Lots has been going on with the government that affects your business. The purpose of this newsletter is to let you know about them so you can be compliant. If any of these things are of concern or you want to review it, please get in touch with us. We are here to help you.
If you think any of your friends or business associates need help feel free to refer them to us or ask us to call them.
NEW WAGE AND HOUR RULES
You may have heard the Department of Labor has issued new rules regarding overtime. Here are some highlights.
The new law takes effect on December 1, 2016
Salaried employees must be paid a minimum of $913/week; $47,476 annually
The wage threshold will be updated every 3 years
There is a nondiscretionary bonus and incentive option to satisfy up to 10% of the salary
Highly Compensated definition has increased from $100,000 to $134,004 per year
Here is a link to the final regulations https://www.dol.gov/whd/overtime/final2016
The time to prepare for this new regulation is now. So please let us know how we can help you.
By now the MA Sick Pay law is old news, hopefully you are in compliance. Don’t forget, if you want to be generous and pay out unused sick pay, you need to still give the employee sick time in the new year. This is not a common thing to do but we have had some inquiries about it.
If you do business in other areas, you also need to be aware of the local sick time laws. CT has a sick pay policy, NY City has a sick pay policy and Los Angeles has voted in favor of a sick pay policy. So you need to be aware of where you are doing business. More cities and states will likely follow.
News at ABR
We are thrilled to announce we have a new payroll partner, Connect Pay. Connect Pay is a very successful, local payroll service bureau. They have forged many positive relationships in the business community to bring value added services to clients.
For instance, Connect Pay is the preferred payroll vendor of the Mass Retailers Association. They have some special programs that can save the business owner money. If you know of anyone who is or could be a member of the Association, we would love to talk to them.
If you have not been to our website in a while I encourage you to do so. Check out the resources tab. We have forged relationships with business partners that can save money for our clients and other businesses. Check it out!