Payroll duties require careful strategy, teamwork, and execution. You have to deal with numbers and budgets and timesheets and government forms—this isn’t anything you want to screw up. As exciting as pay day is, it takes a lot of work to get there. As a payroll manager or accountant, you make it happen.
There’s nothing dull about Human Resources these days. This fall has boasted a lot of change and proposed legislation—some passed, others stalled or overturned. Rules are changing, deadlines are changing, technology is changing. And HR has to keep up. Good thing you’re here to get the updates on all-things-HR.
Though it seems we’ve only just wrapped up ACA reporting in 2016, we’re already looking ahead to ACA reporting requirements for 2017.
The FLSA overtime rules are changing, and businesses will be without excuse if they’re not ready for the Final Rule taking effect December 1, 2016.
We may have barely made it through the 2016 deadline for ACA reporting but it’s time to start thinking about 2017. In the ACA reporting form 1094’s inaugural year, the IRS gave companies a break with extended deadlines and leniency for “good faith effort” from companies who didn’t get it quite right. But the IRS has warned us that they’re going easy on employers in 2016 only. Don’t expect these same extensions or eased consequences in the future.
To address some confusion many employers have had surrounding ACA reporting deadlines, we’re giving you the dates Human Resources needs to know about ACA reporting deadlines in 2017.
Affecting companies across the U.S., the Department of Labor’s changes to overtime rules have employers and HR managers taking a second look at employee FLSA status. The FLSA changes, effective beginning December 1, 2016, will raise the salary threshold for overtime pay from $23,600 per year ($455 per week) to $47,476 per year ($913 per week).
Department of Labor Publishes FLSA Changes
On May 18, 2016, President Obama announced the Department of Labor’s official publication of FLSA changes to overtime regulations. It’s been a long time coming, and employers are asking—now what? What are the new FLSA overtime rules? What do the FLSA changes mean for my organization?
The Department of Labor’s proposed FLSA changes could change exemptions for as many as 5 million white collar workers in the US.
It’s been a long road since President Obama first gave the memorandum to modernize the labor wages and overtime pay—something that hadn’t seen any prior change in over a decade. After receiving submissions from employers last summer, the DOL drafted up a final rule proposal. In Mid-March, they handed it over to the Office of Management & Budget for review. From that point, it could be anywhere from 30-90 days before we hear of any official changes.
If you’re trying to follow payroll best practices, you know manual payroll is a thing of the long gone past. Manual payroll allows for too many opportunities of error and takes up way too much time.
Good news. There are some great ways to streamline your payroll process.