Compliance Alerts

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We want our subscribers to know how important they are to us. That’s why when you subscribe for Compliance Alerts with Excelerator®, you will only receive information relevant to you and your business.

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Staying up to date on trends and changes in HR compliance is our job! We closely monitor HR compliance across multiple industries and regions. If there’s a change that relates to you, we will make sure you know.

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This complimentary feature is as simple as it sounds. You will receive Compliance Alerts directly to your inbox with HR news, changes in compliance, and other tools to keep you and your team ahead of the game.

Recent Compliance Alerts | Excelerator®

Effective January 1, 2020 - FLSA Overtime Rule Change
Effective January 1, 2020, the U.S. Department of Labor (DOL) increased the wage threshold for classifying employees as exempt from overtime pay under the Fair Labor Standards Act (FLSA). The threshold has been increased 50% from $455 to $684 per week. Annualized this is equivalent to $23,660 to $35,568 per year for full-time employees. Employees who make less than $684 per week are eligible to receive overtime pay (paid time and a half for any hours worked over 40 hours per week), regardless of their classification of salary or hourly compensation. The DOL estimates that 1.3 million workers will now be eligible for overtime pay.

Based on their classification as managers or professionals, previously exempt employees may now be eligible for overtime pay. Employers should review their employee classifications to determine overtime pay eligibility.

Another change is the DOL now allows non-discretionary bonuses and incentive payments, such as commissions, to be counted as up to 10% of an employee's compensation.

Other changes include an increase to the compensation threshold of highly compensated employees to an annual salary of $107,432 and special salary rules for US territories.
Effective January 1, 2020 - New W-4 form
There’s a new W-4 form effective January 1, 2020, which significantly differs from previous versions. The W-4 is a required document that every new employee needs to complete so employers can properly withhold the correct amount of tax to submit to the IRS.

In previous years, employees would select the number of dependents, which would dictate the tax rate. The 2020 W-4 form no longer allows employees to claim a number of dependents, but instead a dollar amount. Additionally, it includes other income such as income made by working multiple jobs. The purpose is to determine your tax rate based on income.

The new W-4 form is applicable to new employees or employees making changes to their withholding elections any time beginning January 1, 2020 or later. Employees with no changes to elections hired prior to January 1, 2020 do not need to take any action. Employee election changes may be needed based on life events such as marriage or the birth of a new child.

Below is a link to the new W-4 form. Please reach out to Excelerator® if you have any questions on the new W-4 form or general HR questions

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