Proposed DOL Overtime Rule Could Negatively Impact Your Business

Proposed DOL Overtime Rule Could Negatively Impact Your Business

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Keiter is closely monitoring the Department of Labor's (DOL) proposed rule that would increase the standard annual salary exemption from $23,660 to $50,440.

The proposed changes would radically increase the thresholds for overtime rules, unreasonably expanding the number of employees eligible for overtime pay. Ultimately, the proposed DOL rule could impact major business decisions like hiring, expansion, offering new benefits or more flexible work arrangements for employees, and possibly even require reductions at firms and companies.

Keiter is a member of the American Institute of CPAs that is actively advocating on our behalf, voicing concerns “that the DOL's proposed rule will increase the administrative burden in complying with the regulations while dramatically increasing employers' payroll costs.” Be assured that we will keep you informed of any new developments.

Questions on the proposed ruling? Contact your Keiter representative or 804.747.0000 | email

The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.

About the Author

Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

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