After months and even years of discussions, several federal agencies have begun releasing or nearing release of new regulations that will impact businesses on everything from wage and hour issues such as overtime, as well as worker classification. On this episode of Paychex THRIVE, a Business Podcast, Director Compliance Mike Trabold speaks with host Gene Marks, setting the stage on what to expect in 2024 while offering tips for businesses on a Joint Employer rule, the Overtime rule, minimum wage increases, workplace retirement plans under the SECURE Acts, OSHA activity and workplace safety, Beneficial Ownership reporting, and much more.
Topics Include:
00:00 – Introduction of Mike Trabold
01:53 – Compensation and competing for talent
05:55 – Minimum wage increases and impact
17:41 – Mandated sick time and paid leave
27:57 – Potential impact on unionization of NLRB’s Joint Employer Rule
29:51 – OSHA ramps up inspections and enforcement around heat issues, more
30:30 – Severance packages and contingencies
31:21 – NLRB’s Joint Employer Rule to impact franchises, contractors
35:37 – EEOC activity – training, harassment, religious accommodations
43:24 – FTC on non-competes and consumer reviews
48:38 – OSHA inspections on heat issues, tips for industries
51:44 – DOL and worker classification
1:02:18 – Overtime rule, tips for businesses
1:04:00 – State child-labor issues
1:05:52 – IRS and the ERTC pause
1:09:21 – High-compensated individuals and taxes
1:12:22 – Research and Development tax deduction
1:15:02 – Beneficial Ownership Information reporting
1:18:17 – Retirement and taking advantage of tax credits from the SECURE Acts
1:22:48 – Wrap-up
Learn more about available SECURE 2.0 tax credits at www.paychex.com/articles/compliance/secure-act-changes.
Find out how proposed DOL overtime rule could impact your business at www.paychex.com/articles/compliance/proposed-overtime-rule-raises-salary-threshold-exemption.
What can business still do with the ERTC? Find out at www.paychex.com/articles/compliance/employee-retention-credit.
DISCLAIMER: The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
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