IRS Orders Immediate Stop to New Employee Retention Credit Claims and Announces Future Settlement Program

The Employee Retention Tax Credit (“ERC”), enacted as a part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), is a fully refundable tax credit for employers, which is up to $26,000 per eligible employee. Because of the potentially large value of the ERC to employers, the Internal Revenue Service (“IRS”) has become…

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Department of Labor Proposes Exempt-Status Overhaul

On August 30, 2023, the U.S. Department of Labor (DOL) proposed significant increases in the compensation thresholds that must be met for employees to be classified as exempt from overtime pay requirements under the Fair Labor Standards Act (FLSA). If the proposal is finalized as presented, DOL estimates that 3.6 million employees currently classified as…

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