Ray W. don't get "certified" yet...ha ha

[fourthighs]

Looks like PwC is being sued by "non" license employees for not getting paid over time....if successful the more overtime you work as a "non cpa" might earn you some back pay compensation in the FAR future....since these class action suites usually goes on forever...ha ha

http://cfo.com/article.cfm/10023869/c_10023908?f=TodayInFinance_Inside

[cowboy]

OH HELLS yea!!!!! i'm definitely forwarding it..

i'll just postpone my filing, but i think i should be grandfathered in...

i love it!!!!!!!

i'm going to feel optimistic. haha!

-ray, word

[cowboy]

just talked to a coworker about this. it appears that E&Y were also included....just waiting for that trickle for D&T and KPMG

yeehaW!

-Ray, wrd

[hunnykiss]

Does this only apply to big firms???

[cowboy]

anytime you work beyond 40hrs, it should be overtime...

unless you are considered a professional, or a position that deals with "making decisions"

since we're not certified, we're not officially professionals. on top of that, we're told what to do by the manager, so we don't make decisions. technically we are entitled to overtime pay and that means an ass load of money

but then again, these firms have a legal team sitting on the payroll and sole purpose is to fend off litigation....so that means they have a pretty mean team out there to defend the firm

-ray,word

[fourthighs]

Yeah, I know about EY, I got it in the mail. They asked me to be a party to the class action suite...but didn't know it was in connection to the PwC one....

[cowboy]

you joining? that's an ass load of money

-ray, yup

[copymaster003]

To my knowledge, isn't settlement money non-taxed?

Hell's YES... Dinner all around on Ray & Rick...

[cowboy]

To my knowledge, isn't settlement money non-taxed?

Hell's YES... Dinner all around on Ray & Rick...
it comes down to the nature of the settlement...in this case, it would be considered as regular wage..and if it's payable in a particular year, it would bring up your tax basis....and the amount would be taxed

to give you examples of how it's not always the case: if the settlement is for alimony, then it is taxable to the recipent. if the settlement is for child support, it is NOT taxable to the reciepent. If the settlement is for chicken fried steak because your employor gyped you of your piece during a company paid lunch then it is non-taxable since it's considered a de minimis fringe benefit and is excluded from taxes.

but yes, if this works out...McDonald's $1 menu dinner on me. limited to 1 item.

-ray, word

[fourthighs]

Spoken like a "true" CPA...however, don't give away too much...people might quote you and hold you responsible....by taking your advise...however your initial statement is a good one..."it depends on the NATURE of the settlement"....

[cowboy]

i love it.....99% of all answers begin with the phrase:

It depends...

-ray, NOT cpa

[fourthighs]

and it continues.....

http://cfo.com/article.cfm/10047863/c_10048109?f=TodayInFinance_Inside

[cowboy]

http://www.gotovertime.com/law.html#exemptions

http://www.lawyersandsettlements.com/case/california_labor_law.html

http://www.dir.ca.gov/dlse/FAQ_Overtime.htm




The Myth of Salary
One of the biggest myths about overtime is the idea that people who are paid a salary are not entitled to overtime. This myth comes from the requirement of certain overtime exemptions that the employee be paid a salary. That requirement is just one of many -- and it is the easiest to meet. The fact remains that there are many people who are paid a salary who are entitled to overtime, and there are many people who are paid hourly who don’t get any overtime. Suffice it to say that if someone told you that you are not entitled to overtime just because you are paid a salary, that is just plain wrong.

If you are paid a salary, you are still entitled to overtime unless you meet all of the requirements for one of the exemptions. These additional requirements are difficult to meet and many people in simply do not meet them. If you have questions about whether your particular job would be entitled to overtime, you can email me a brief description of the type of work that you do and I can easily take a look at it and get back to you.

California Labor Laws protect the rights of California employees to receive overtime pay for working more than 8 hours in a day or 40 hours in a week. You can still be entitled to overtime even if you are paid on a salary basis, even if your salary is $100K per year, and even if you supervise other people. The only people who are not entitled to overtime pay are those people that meet all of the requirements for one or more of the narrowly defined Exemptions.

Executive Exemption
In order to be exempt from overtime pay under the Executive Exemption, you must be an bona-fide “executive.” In order be considered an “executive” you must:

Manage the entire enterprise in which you work or a customarily recognized department or subdivision.
Direct the work of at least 2 subordinates in your department.
Have authority to hire or fire – directly or indirectly.
Exercise independent business judgment.
Spend more than 50% of your time doing the above.
The executive exemption is sometimes incorrectly called the “supervisors” exemption. It is important to know that there is no “supervisors” exemption. You can supervise people and still be entitled to overtime.

Many people see requirement #2 and think that if you supervise 2 people, you are exempt. This is simply not the case. First of all, if you only supervised 2 people, it is extremely unlikely that you would spend 50% of your time supervising them. More than likely, you will be considered a “working foreman” and would be entitled to overtime.

In addition, the most important item above is that you must be an executive in charge of a real department or subdivision of the enterprise. Jobs such as “Team Lead”, “Development Manager”, and “Project Manager” are likely not in charge of a fixed department. The DLSE enforcement manually aptly puts the challenge of this exemption in that an “employee must be in charge of the unit, not simply participate in the management of the unit.” This is why most low and mid level managers are improperly classified under this exemption. If you were told you were not entitled to overtime because you are a "manager," you can email me with a brief description of your job duties and I can tell you whether or not this exemption might apply to you.

To meet requirement #3, you must be able to do the following: hire or fire, AND review performance. You do not need to be the one that actually performs the hiring or firing, but your opinion must be given strong preference. If a voting system is used, and you only get one vote like everyone else, then your opinion is not being given strong preference and you don't meet the exemption. You do not need to both hire and fire, participating in either one will be sufficient. However, you must take part in performance reviews or other activities which relate to the advancement of employees.

Remember that job titles are not used in determining exemption from overtime. Just because you company prints “Director of XXX” or “Vice President of YYY” on you business card does not make you exempt. If you spend 50% of your time doing the same type of work as your subbordinates, it doesn't matter what your title is, you are probably entiteled to overtime.

-Ray, word

[DOHC-LSR]

http://www.gotovertime.com/law.html#exemptions

http://www.lawyersandsettlements.com/case/california_labor_law.html

http://www.dir.ca.gov/dlse/FAQ_Overtime.htm




The Myth of Salary
One of the biggest myths about overtime is the idea that people who are paid a salary are not entitled to overtime. This myth comes from the requirement of certain overtime exemptions that the employee be paid a salary. That requirement is just one of many -- and it is the easiest to meet. The fact remains that there are many people who are paid a salary who are entitled to overtime, and there are many people who are paid hourly who don’t get any overtime. Suffice it to say that if someone told you that you are not entitled to overtime just because you are paid a salary, that is just plain wrong.

If you are paid a salary, you are still entitled to overtime unless you meet all of the requirements for one of the exemptions. These additional requirements are difficult to meet and many people in simply do not meet them. If you have questions about whether your particular job would be entitled to overtime, you can email me a brief description of the type of work that you do and I can easily take a look at it and get back to you.

California Labor Laws protect the rights of California employees to receive overtime pay for working more than 8 hours in a day or 40 hours in a week. You can still be entitled to overtime even if you are paid on a salary basis, even if your salary is $100K per year, and even if you supervise other people. The only people who are not entitled to overtime pay are those people that meet all of the requirements for one or more of the narrowly defined Exemptions.

Executive Exemption
In order to be exempt from overtime pay under the Executive Exemption, you must be an bona-fide “executive.” In order be considered an “executive” you must:

Manage the entire enterprise in which you work or a customarily recognized department or subdivision.
Direct the work of at least 2 subordinates in your department.
Have authority to hire or fire – directly or indirectly.
Exercise independent business judgment.
Spend more than 50% of your time doing the above.
The executive exemption is sometimes incorrectly called the “supervisors” exemption. It is important to know that there is no “supervisors” exemption. You can supervise people and still be entitled to overtime.

Many people see requirement #2 and think that if you supervise 2 people, you are exempt. This is simply not the case. First of all, if you only supervised 2 people, it is extremely unlikely that you would spend 50% of your time supervising them. More than likely, you will be considered a “working foreman” and would be entitled to overtime.

In addition, the most important item above is that you must be an executive in charge of a real department or subdivision of the enterprise. Jobs such as “Team Lead”, “Development Manager”, and “Project Manager” are likely not in charge of a fixed department. The DLSE enforcement manually aptly puts the challenge of this exemption in that an “employee must be in charge of the unit, not simply participate in the management of the unit.” This is why most low and mid level managers are improperly classified under this exemption. If you were told you were not entitled to overtime because you are a "manager," you can email me with a brief description of your job duties and I can tell you whether or not this exemption might apply to you.

To meet requirement #3, you must be able to do the following: hire or fire, AND review performance. You do not need to be the one that actually performs the hiring or firing, but your opinion must be given strong preference. If a voting system is used, and you only get one vote like everyone else, then your opinion is not being given strong preference and you don't meet the exemption. You do not need to both hire and fire, participating in either one will be sufficient. However, you must take part in performance reviews or other activities which relate to the advancement of employees.

Remember that job titles are not used in determining exemption from overtime. Just because you company prints “Director of XXX” or “Vice President of YYY” on you business card does not make you exempt. If you spend 50% of your time doing the same type of work as your subbordinates, it doesn't matter what your title is, you are probably entiteled to overtime.

-Ray, word
Will your team of lawyers find a loop hole in this? Is that what they get paid the big bucks for?