Timekeeping & Payroll Recordkeeping: Legal Compliance for 2018
It's never been more important for you to track employees' time correctly and keep accurate records of those hours and minutes. Why?
Employee wage-and-hour lawsuits have exploded nationwide, up 400% in the past 15 years, fueled by new rules and bad recordkeeping. (see chart)
While Obama's proposed overtime salary threshold is dead, the
threshold is still likely to increase in the next year or two. The new DOL chief supports a $10K increase to about $33,000.
All the recent media talk about overtime and pay discrimination has generated more employee interest (and lawsuits) about their right to overtime pay and their status (exempt vs. nonexempt? Independent contractor vs employee?).
A recent U.S. Supreme Court ruling gives you fresh incentive to keep immaculate time records (employees can now use "sampling" to justify timekeeping lawsuits).
The outgoing Obama administration poured millions of additional DOL budget dollars into increased wage-and-hour enforcement, which means beefed-up workplace scrutiny. The Trump administration has not rescinded these enforcement initiatives.
The IRS got more money, too – and it hired 700 new enforcement agents who will mostly be tasked with payroll audits. Why? Because that's where the easy money is!
