The Payroll Factory, Inc. October 2023 Newsletter
Welcome to The Payroll Factory October 2023 Newsletter. We enter the 4th quarter of the
payroll calendar and the focus is on the year end and new year starts.
In late August, the Biden Administration proposed a rule
that workers making around $55,000 or less would be eligible for overtime
provided they worked more than 40 hours in a week. It would raise the annual salary threshold
from $35,568 which was enacted at the start of 2020. With the new rule, The Department of Labor
wants to automatically raise the overtime salary threshold every three years
adjusted for inflation. There currently
is a 60 day public comment period regarding this proposal before enactment.
In the middle of September, the IRS halted processing of
Employee Retention Credit refund claims till at least December 31st,
2023. The reason given is due to aggressive
claims and marketing of the credit to potentially ineligible taxpayers.
Did you know??? The
Payroll Factory works with businesses and organizations involving time and
attendance platforms along with a mobile app for the employees to enter in their
hours.
As always, “whatever it takes,” I look forward to working with you, your staff and above all your clients!
Sincerely,
Steve Sabel
Senior Account Relationship Manager
The Payroll Factory
18 East Lancaster Avenue
Malvern, Pennsylvania 19355
267-907-4179 cell
steve@prfusa.com
www.thepayrollfactory.com
