ACA after the Election and DOL Overtime Rules Stalled
On November 8, 2016, Republican candidate Donald Trump was elected the 45th President of the United States. Trump’s victory in the election, along with Republican majorities retained in both the Senate and House of Representatives, will likely have a significant impact on a number of compliance areas over the next four years. Trump’s victory also raises uncertainty over the future of other policies enacted under President Obama, including the new overtime requirements under the Fair Labor Standards Act.
Within the last week there have been two changes which impact employers:
- On November 18, 2016 the Internal Revenue Service issued Notice 2016-70 to extend the due date for furnishing forms under Sections 6055 and 6056 for 2016 for 30 days, from January 31, 2017, to March 2, 2017.
- On November 22, 2016, a federal judge in Texas issued a preliminary injunction, halting the enforcement of the Department of Labor’s new overtime rule until further notice.
We will continue to monitor whether there will be any changes to these rules or their implementation dates due to this litigation or the upcoming change in administration.
Click here to read more regarding the Reporting Deadline Delay and the 2016 Presidential Election.