This course provides tax and accounting professionals with a comprehensive overview of overtime requirements under the Fair Labor Standards Act (FLSA). Participants will explore the statutory definition of overtime, exemptions, and the calculation of the "regular rate of pay.
DESIGNED FOR
Enrolled Agent, CPA, Attorney, Tax Practitioner
BENEFITS
After attending this presentation, you will be able to...
- Identify overtime requirements under the FLSA, including the 40-hour workweek threshold
- Identify categories of employees exempt from overtime provisions
- Calculate the regular rate of pay, incorporating nondiscretionary bonuses, commissions, and other compensation
- Apply overtime rules to practical scenarios involving hourly, salaried, and commission-based employees
- Evaluate compliance risks and recommend corrective measures to mitigate exposure during wage and hour audits
HIGHLIGHTS
The major topics that will be covered in this course include:
- Overview of the Fair Labor Standards Act (FLSA) overtime provisions
- Definition of a “workweek” and the 40-hour threshold
- Time-and-a-half requirement and exclusions from overtime pay
- Exempt vs. nonexempt employee classifications (executive, administrative, professional, and industry-specific exemptions)
- Excluded payments (discretionary bonuses, reimbursements, retirement contributions)
- Step-by-step calculation examples for different compensation structures
- Best practices for documentation and payroll systems
- Case studies illustrating misclassification and miscalculation issues
PREREQUISITES
None
ADVANCE PREPARATION
None