Q: I get paid a salary at my new job, and they have me working tons of overtime–which I don’t get paid for. I heard that under the new DOL rules, they now have to pay me overtime, is that correct?
A: Effective December 1, 2016, salaried employees who earn less than $46,467 per year must be paid overtime when working more than 40 hours per week. Broad new rules have been finalized by the DOL (Department of Labor) regarding overtime payment requirements per the Fair Labor Standards ACT (FLSA). This now requires employers to monitor the employee hours for salaried workers. If these new rules could apply to you, I urge you to check out all the requirements and definitions to be sure that you as owners are complying with these new rules.
Taxes, Investments, Business, and maybe a little more. Sandy Flom, Faribault CPA.