On September 24, the U.S. Department of Labor announced new rules for overtime pay, extending it to an estimated 1.3 million additional workers. Businesses with employees now eligible for overtime will need to make changes to their accounting and payroll systems to accommodate the new change, which goes into effect on January 1, 2020.
This is the first-time federal overtime law has changed in 15 years. Complying with the new rules may seem confusing and daunting for some businesses. Here’s what the new overtime rules mean and how LBMC Employment Partners can help you prepare.