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.

Photo by Mikhail Pavstyuk on Unsplash

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.
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What do recent headlines about tattoos, video games, and my favorite Katy Perry song have in common? The articles contain interesting lessons from the always complicated, but never dull (to me) world of intellectual property law. Let’s dive in:

Athletes Don’t Own Their Tattoos. That’s a Problem for Video Game Developers (The New York Times)

Lancaster County continues to be an attractive marketplace for entrepreneurs in the technology sector. Over the last few weeks, the below articles caught my eye as interesting examples of what Lancaster has to offer to growing companies:

$50,000 Big Idea contest for tech entrepreneurs names 7 finalists

Ben Franklin Technology Partners of Central & Northern