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Symphony Employer Solutions is hitting the ground running in 2020! So much has changed with the New Year. Are YOU in compliance?


Symphony would like to present our InConcert with Compliance Newsletter. We'll be providing current trends and what is happening in compliance. To start off, this issue is the 2020 Checklist of Top Compliance Issues.

   

1. Implement the redesigned IRS W-4

On December 5, the IRS issued the redesigned 2020 Form W-4 (Employee’s Withholding Certificate). There are major changes to how the form is completed. The new form no longer uses withholding allowances. Read more about the five-step process and new Publication 15-T here.


2. Verify Minimum Wage compliance. 

Federal law requires non-exempt employees to be paid a minimum wage of $7.25 per hour but the REAL ACTION is currently at the state level. As of January 1, 2020 the following rates apply... 

Click here for the current Minimum Wage Rates and information.


3. Verify Overtime Eligibility vs new FLSA Thresholds

Effective Jan. 1, 2020, the U.S. Department of Labor implemented a final rule increasing the minimum earnings threshold to $35,568 per year to maintain the exempt status for executive, administrative, and professional employees under the Fair Labor Standards Act (FLSA) minimum wage and overtime pay requirements. 

Read more here on how this makes 1.3 million people newly eligible for hourly status and overtime pay.


4. Make sure your employment posters are up to date 

A business is required by law to display up-to-date federal and state labor law postings for each state of employment. Make sure that posters are current with the recent changes and displayed in a prominent, compliant location for employee access. If you are a client of Symphony Employer Solutions you receive a new poster annually

Click here to get additional information on Federal and State Labor Law posters.

Did You Know?
Symphony offers a Subscription Employment Posters Service that MEETS all Federal and State compliance requirements.
  • Receive new posters annually for you to post in a compliant employee common area. 
  • The service provides automatic email updates as they occur for posting along with your annual posters    .
Shorten your to do list - let Symphony provide you with your required Federal and State posters by subscribing below!

5. Review and Update your Employee Handbook. 

Even though your Employee Handbook is a document outlining basic company guidelines with all the changes in state and federal law, it needs to reviewed and updated regularly. It is a best practice to review and make changes to your handbook every year.

Click here for a comprehensive list of topics to include and links to additional resources.

   

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efficiency, accuracy and peace of mind for you and your team.

   
   
   
It is our intention to send you current, actionable compliance information that you can use. If you don't find value in our communication, simply unsubscribe.

Message sent by Symphony Employers Solutions
16 Tech Cir Suite 102, Natick, MA 01760

Phone Number: 508.652.8007 or 866.652.8007 | Email: info@symphonyes.com
www.symphonyes.com