On December 16, 2016 the US Department of Labor (USDOL) enacted changes to the Overtime laws. These changes increased the minimum weekly compensation for salary-exempt employees to $913.00 per week (previously $455.00 per week). Additional increases in these regulations would have been effective starting January 1, 2020. On November 22, 2016 a federal district judge [...]
If your business has received notification of an audit from the Virginia Department of Taxation (VDT) it is not because your business has been targeted for non-compliance. Don’t panic! These are routine audits that the VDT perform randomly on all Virginia based businesses. The notification will state the time and date of the proposed [...]
The Social Security Administration (SSA) has set the 2019 Social Security taxable wage threshold to $132,900.00. The increase in the SSA Wage from 2018 is $4500.00 which equates to a potential annual tax increase of $344.25 ($4500.00 x 7.65%) for taxpayers that reach or exceed taxable wages of $132,900.00 in 2019. There continues to be [...]
There are a few timely events coming up that Payroll and HR administrators need to be aware of.... 1- On Nov. 2nd, daylight savings time expires and standard time returns. Clocks need to be set back 1 hour at 2am on that Sunday morning. Most quality automated time keeping systems will accommodate this change and [...]
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