Only a few weeks into the New Year and the regulatory landscape is continuing to evolve at a rapid pace. From the IRS extending select Affordable Care Act reporting deadlines to a delay of the debated Cadillac Tax, 2016 is gearing up to be another active year for government regulations impacting business. Paychex, Inc., a leading provider of integrated human capital management solutions for payroll, HR, retirement, and insurance services, has identified the top regulatory issues businesses should be aware of in 2016.
“Business owners have been inundated with proposed regulations that will affect how they pay employees in 2016,” said Martin Mucci, Paychex president and CEO. “Paychex will continue to monitor these regulations—and others that emerge—to ensure employers understand how these issues impact their business.”
According to Paychex, the top regulatory issues are:
#2 Overtime Regulations
The U.S. Department of Labor (DOL) released its proposed Overtime Rule to revise the salary thresholds for federal overtime regulations for the Executive, Professional and Administrative white collar exemptions in June 2015. The DOL also proposed changes to the Highly Compensated Employee exemption and an annual indexing of the applicable salary thresholds. After receiving close to 300,000 public comments, the agency is expected to release the final rule as early as this spring, creating the need for employers to take immediate action to prepare for compliance.
Paychex, Inc. (NASDAQ: PAYX) is a leading provider of integrated human capital management solutions for payroll, HR, retirement, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by more than 40 years of industry expertise, Paychex serves approximately 590,000 payroll clients across 100 locations and pays one out of every 15 American private sector employees. Learn more about Paychex by visiting www.paychex.com, and stay connected on Twitter and LinkedIn.