SBA: Small Business ALERTS, Office of Advocacy, August 17, 2015
Monday, August 17, 2015
August 17, 2015
Please see the update from the SBA Office of Advocacy. You can stay up-to-date on our office by reading our comment letters and reviewing our research. As always, we are seeking your input on current regulatory alerts and your participation in our regulatory roundtables. Please be in touch directly with the listed Advocacy contact for any questions or comments on these topics. Feel free to contact me with other questions or concerns.
——Erik Gulbrandsen Congressional Affairs and Public Relations Manager
NEW ADVOCACY COMMENT LETTER
Comments to EPA: 8/5/2015- TSCA Reporting and Recordkeeping Requirements for Chemical Substances When Manufactured or Processed as Nanoscale Materials
NEW ADVOCACY NEWSLETTER
The Small Business Advocate, August 2015
OPEN COMMENT PERIODS
Department of Labor Issues Overtime Regulations
The Department of Labor’s Wage and Hour Division (DOL) published its proposed rule that amends the regulations under the Fair Labor Standards Act (FLSA) governing the “white collar” exemption from overtime pay for executive, administrative and professional employees.
The proposed rule from DOL:
· would double the salary threshold for employees who are eligible to receive overtime pay, from $23,660 to $50,440. This salary threshold will also be updated every year in the Federal Register.
· does not propose regulatory changes to the duties tests, which require employees to perform certain primary duties to qualify for an overtime exemption. However, DOL is seeking feedback on whether these duties tests should be revised.
DOL estimates that this rule would:
· directly affect 4.6 million American workers. Total direct employer costs for Year 1 are estimated to equal $592.7 million dollars.
· cost each small business, on average depending on the number of workers covered by the regulation, $100 to $600 in direct costs and $320 to $2,700 in additional payroll costs to employees in the first year after the promulgation of the proposed rule.
· cause each small business to spend one hour of time for regulatory familiarization; one hour per each affected worker in adjustment costs; and five minutes per week scheduling and monitoring each worker expected to be classified as overtime eligible as a result of the proposed rule.
Advocacy is seeking feedback on the number and types of small businesses affected by this rulemaking, the compliance costs of this rule to these small businesses, and any significant regulatory alternatives that may minimize the impacts of this rule.
Submit comments here by September 4, 2015.
Advocacy contact: Janis Reyes at 202-205-6533
EPA Proposes Emission Requirements for New Medium- and Heavy-Duty Vehicles
On July 13, 2015, the Environmental Protection Agency (EPA) and the National Highway Transportation Safety Administration (NHTSA) issued a joint proposed rule, “Greenhouse Gas Emissions and Fuel Efficiency Standards for Medium- and Heavy-Duty Engines and Vehicles—Phase 2.” This proposed rule would further tighten greenhouse gas emission requirements for new Medium-Duty and Heavy-Duty vehicles. It would also cover new trailers for the first time.
Submit comments here by September 11, 2015.
Advocacy contact: David Rostker at 202-205-6966
IRS Issues Proposal to Eliminate Automatic Filing Extensions
On August 12, 2015, the Internal Revenue Service (IRS) issued proposed regulations that would eliminate the automatic extension of time to file information returns on forms in the W-2 series, effective for the 2017 filing series.
The IRS requires employers to report wage and salary information for employees on Form W-2. Currently, employers who file Forms W-2 can receive an automatic 30-day extension with the IRS. Then, a second 30-day extension may be requested. In the proposal, the IRS warns that it would grant a non-automatic extension only in limited cases involving extraordinary circumstances or catastrophe. The IRS requests comments on the appropriate timing to remove the automatic 30-day extension including whether special transitional considerations should be given.
Submit comments here by November 12, 2015.
Advocacy contact: Dillon Taylor at 202-401-9787.