Happy New Year from all of us at Russell, Krafft & Gruber, LLP. As we ring in the new year, remembering to write 20 instead of 19 when writing the date isn’t the only change to be mindful of. As of January 1, 2020, many new laws, rules, and policies have taken effect that may impact you and your business.
Here’s a summary of a few of the key changes and links to additional information for several legal changes to be mindful of in 2020:
IRS Updates Standard Mileage Rate
On December 31, the IRS announced its new standard mileage rate for 2020: 57.5 cents per mile driven for business use, down one half of a cent from the rate for 2019.
US Department of Labor’s New Overtime Rule
The Department of Labor’s new overtime rule went into effect as of January 1, which updates the Fair Labor Standard Act’s minimum salary thresholds necessary to exempt executive, administrative, or professional employees from minimum wage and overtime pay requirements.
The DOL estimates the changes will impact as many as 1.3 million employees. The change that will likely impact the most workers is raising the minimum salary requirement from $455 per week to $684 per week, or from $23,660 per year to $35,568 per year for a full-year worker. To learn more about the changes, check out the DOL’s press release on the final rule here.
California Data Privacy Law
The California Consumer Privacy Act (CCPA) also went into effect with the new year. Why should you care about a California consumer privacy law? Much like the GDPR, the CCPA applies broadly to certain businesses that interact with consumers located in California, even if they do not have a physical presence in the state.
You may have noticed an uptick in the number of emails you received from companies who have updated their policies in order to comply with the CCPA, but the requirements for compliance are the subject of much discussion, interpretation, cost, and confusion among businesses.
Other Legal Updates
LNP did a great job rounding up other legal changes applicable to Pennsylvanians, including the ability to hunt on Sundays, additional protections for victims of childhood sexual abuse, changes to Pennsylvania’s election laws, and more.
Questions about how any of the above laws impact you or your business? Don’t hesitate to contact us.