In May 2016, the US Department of Labor issued a new final rule amending the salary requirements for workers who qualified for overtime exemptions under the Fair Labor Standards Act (FLSA). Under the rule, the salary requirements for exempt workers would rise from a minimum of $455 per week ($23,660 per year) to $913 per week ($47,892 per year) with additional increases scheduled for every three years beginning in 2020.
In November 2016, before the new rule went into effect, a preliminary injunction was issued by a Federal District court in Texas, preventing the rule from taking effect […]
When a person dies, his or assets (known as the person’s “estate”) may be subject to tax if they exceed certain value limits. This type of tax is known as an “estate tax.” There is a federal estate tax that applies estates with a value over $5.49 million (the current value limit as of 2017). That means estates with a value of less than $5.49 million would pay no federal estate tax.
In addition to the federal estate tax, Minnesota is one of a handful of U.S. states impose their own estate taxes on its residents […]
In 2016, Minneapolis enacted an ordinance requiring that all employees who work in the city more than 80 hours per year accrue paid leave for illness, injury, or safety concerns for themselves or their dependents. St. Paul enacted a similar ordinance a few months later. Together, these are known as Earned Sick and Safe Time (ESST) ordinances. Controversy surrounding them has resulted in a lawsuit, now-vetoed state legislation, and much debate. Recently, both cities released enforcement guidelines modifying the effects of the ordinances in an effort to comply with a recent court order, which is under appeal. The future […]
Minneapolis New Minimum Wage
The Minneapolis City Council recently passed a new minimum-wage ordinance that increases the minimum wage to $15 per hour. Read on to find out whether this will impact your business:
The ordinance is still brand-new and much remains to be clarified. However, as the ordinance is currently written, all businesses that do business within Minneapolis will be affected. Large businesses (those with more than 100 employees [including those outside Minneapolis]) will be required to comply sooner than small businesses. The minimum-wage requirements will apply to all employees, whether […]