Reaction to the New Salary Threshold in the Overtime Rule
After almost four years and a judicial block, the Department of Labor (DOL) issued the final rule for the Fair Labor Standard Act’s (FLSA) salary threshold for overtime as $35,568, which takes effect January 1, 2020. I know what face you may be making now. One much like the face of the pumpkin that my two young kids carved. You may be smiling because you are glad there is finally a final rule. Yet you may grimace because now you have to comply with the higher salary threshold of the rule. What has not changed is the three part test for determining employee exemption from over-time, of which the salary threshold is one. Our CPA firm in Central Missouri is here to review the three part test briefly in this week's blog. For further questions on this subject, please give our accounting firm in Central Missouri a call. All phone numbers for the four Wilson Toellner CPA offices can be found on our website at www.WTCPA.com . Salary Basis Test The employee m...