Overtime Tax Law and Ethics Update

Join us at the Montgomery Country Club on Tuesday, November 7th to learn about the new taxation rules for overtime pay. For the tax year beginning on or after January 1, 2024, amounts received by a full-time hourly wage paid employee as compensation for work performed in excess of 40 hours in any given week are excluded from gross income and therefore exempt from Alabama income tax. But, how should employers keep up with this requirement and what reporting issues does this raise? We have Mary Martin Mitchell from the Alabama Department of Revenue to tell us more about the new law and provide guidance for your members.

Representative Matt Simpson will be on hand to tell us what he plans to do in the upcoming legislative session that starts on February 6th. As we all know, the devil is in the details, and in this case the definitions. Who knows how far this effort will get this time, but we wanted ACAE to be part of the process and appreciate Rep. Simpson sharing his thoughts with us.