The Department of Labor (DOL) has proposed overtime rules that could impact more than a million American workers and could certainly impact your small business.
On March 7, 2019 the Department of Labor announced a proposed rule that would make more than a million more American workers eligible for overtime.
Under currently enforced law, employees with a salary below $455 per week ($23,660 annually) must be paid overtime if they work more than 40 hours per week. Workers making at least this salary level may be eligible for overtime based on their job duties. This salary level was set in 2004.
This proposal would boost the proposed standard salary level to $679 per week (equivalent to $35,308 per year). Above this salary level, eligibility for overtime varies based on job duties.
This means it is not too early to review your budget for 2020 and determine how your payroll expenses may be impacted. It also means many small business owners will be looking for ways to offset additional salary expenses, and we can help.
Take Advantage of All Available Tax Credits
Let us review your business for potential tax credits, including the WOTC, and help you implement policies and procedures that can save thousands.
Outsource Administrative Tasks
SmartPayroll Solutions can help you streamline administrative processes, potentially eliminating the need for full-time administrative (payroll, HR and even marketing) staff members.
Grow Your Business
Growing your business is the obvious way to offset expenses, but it can also cause the need for additional staff members. Which may defeat the purpose. However, if you can find innovative ways to grow your business through profitable networking opportunities, such as our Payroll Partnership, it’s a win-win.