I have a quick story to tell you: The other week I was talking with my friend who was trying to convince me that in order to keep up with all the changes in government and taxes, I needed to get a brain transplant. At first, I didn’t think it was a good idea. But then I changed my mind 🙂
It looks like there will be a few more big changes happening in 2019. Currently, in order for a salaried employee to be exempt from overtime pay after working over forty hours in a week, they need to make over $23,660 in a year. But there are reports that suggest that a new rule will be proposed early this year to increase this threshold to around $32,000. To put this into perspective, in order for an exempt employee to stay exempt, they would need to go from earning $455 per week to $600 per week. A similar rule change was proposed and blocked in 2016, but an unpopular change like this might be necessary in order keep up with the reality of modern business.
If you need any help with QuickBooks, payroll, or taxes, let us know at Stapley Accounting!