Obama Administration Expands Overtime Pay Eligibilty
Many of you may have been following the new expanded overtime eligibility rules saga associated with the proposed Department of Labor regulations (DOL). We finally have some clarity and it appears the new overtime rules may extend to an estimated 4.2 million workers.
The rule increases the salary threshold that salaried workers are entitled to overtime from the current $23,660 to $47,476 for full year worker. So, if you have a salaried employee making less than $47,476 and that employee works more than 40 hours in a week, that employee is now entitled to overtime pay.
This is a very politicized issue, and fairly complex change as there is more than just the overtime pay that has changed with the new regulations. If you are interested or need to learn more, CLA is presenting the following webinar: FLSA Changes: What You Need to Know on June 21st. Either way, it is very important to know whether your Agribusiness will be in compliance as regulations and requirements continue to build and the DOL is more aggressive with audits.
David Enquist, CPA
CliftonLarsonAllen, LLP
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
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