News & Articles

New Overtime Rules Suspended for Now

Posted on Mon, Nov 28, 2016
Many employers have been wrestling with plans to comply with new U.S. Department of Labor (DOL) overtime rules since last May. That's when the rules were finalized, with a December 1 compliance deadline. Those new rules included raising the minimum salary overtime exemption to $913 per week from $455. A little more than a week before the deadline for the rules was to take effect, a federal court has issued an injunction, at least temporarily blocking implementation of the changes. 

In its decision, the court stated it believes the DOL exceeded its authority in promulgating the rule. In addition, the court said the DOL failed to follow Congress's intent, which was to reexamine the duties test of the overtime rules, and not to focus solely on the salary level, as the final rules do. 

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Tags: Department of Labor, New Rule, Overtime

Goodwill Amortization: A Taste of 'Little GAAP'

Posted on Mon, Feb 10, 2014

After years of listening to complaints from private firms and their auditors that certain accounting rules were too costly and complex, the Financial Accounting Standards Board (FASB) has finally taken action. On January 16, the FASB simplified one of the accounting rules private firms most loved to hate: FASB Accounting Standards Codification Topic 350, Intangibles - Goodwill and Other.

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Tags: Audit, EHTC Article, CPA Firm, Echelbarger, Financial Accounting Standards Board, Goodwill, New Rule