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October 3, 2019
By Karen McLeese
2020 Updates: New York Paid Family Leave Program
The New York Department of Financial Services announced some updates to the state’s paid family leave program for 2020, including changes to contributions and benefit limits. In addition, the agency released some updated templates for employers to use when communicating these changes to their workforce.
EEO-1 Report Update
The EEOC recently requested a 3-year extension to continue collecting Component 1 data, which has been required for a number of years. However, the agency signaled a change with regard to the continued collection of Component 2 data.
DOL Issues Final Overtime Regulations
The Wage and Hour Division of the Department of Labor (DOL) regulates exempt vs. nonexempt status for employees. Regulations were issued in 2016 changing several aspects of this determination. These regulations were challenged in court and ultimately never took effect. Just a few weeks ago, the DOL issued a new set of overtime regulations which will take effect on January 1, 2020.
IRS Finalizes Hardship Distribution Rules
Qualified retirement plans including 401(k) plans, 403(b) and 457(b) plans may, but are not required to, allow hardship distributions from the plan upon certain events, such as an immediate and financial need to pay medical or funeral expenses, purchase of a principal residence, or payment of tuition and education expenses. The IRS finalized its rules clarifying certain aspects of how and when hardship distributions can be taken.
Mental Health Parity Rules - Updated Guidance and Enforcement
In its on-going effort to ensure compliance with mental health and substance abuse parity laws, the Department of Labor’s Employee Benefit Security Administration has issued additional guidance. In addition, the agency released a modified disclosure request form, and a summary of its enforcement activities of these laws during 2018.
October 2, 2019
By Philip Noftsinger
CBIZ Small Business Employment Index (SBEI) reveals slowdown in September job growth
The September Small Business Employment Index says political uncertainty and the trade war were factors in small businesses slowing hiring.
October 1, 2019
7 Safety Tips for Worksite Welding and Cutting
Make safety a top priority as you weld and cut. Utilize these seven safety tips for worksite welding and cutting.
Why Your Company Needs Equipment Breakdown Insurance
Standard property insurance won’t cover equipment losses. Learn why equipment break down insurance (also referred to as boiler and machinery insurance) will cover you in the event of damage.
10 Questions Lessees Should be Asking About Their Leases
Some companies will have a harder time making the changes in the new lease accounting standard than others. Reviewing these 10 questions may help illuminate lease features that may make adopting ASC Topic 842 more complicated for lessees.
The 2020 Campaign and Taxes Part 7: The Challenge with Closing Tax Loopholes
We often hear about “closing loopholes” in the tax code, but addressing these unintended tax benefits is complicated. One that’s gotten some attention in the 2020 presidential campaign is a loophole that affects S corporation owner-employees. Here’s a detailed look at the issue.