Missouri revised statute establishes corporations must pay at least semi-monthly

Missouri revised statute establishes corporations must pay at least semi-monthly
Missouri corporations that currently pay employees on a monthly basis should take note of a revised state statute that might require them to pay some or all employees on a semi-monthly basis.

Client Alert TagEarlier this year, the Missouri Legislature revised Section 290.080.1, stating that all corporations doing business in the State of Missouri must pay the wages and salaries of their employees as often as semi-monthly, within sixteen days of the close of each payroll period.

Exceptions do exist to this statute; executive, administrative, professional employees, sales people, and other employees compensated in whole or in part on a commission basis may be paid their salaries or commissions monthly. Employers must also provide each employee with an itemized pay statement showing the total amount of deductions for the period.

The new law also states that any corporation or person violating this section will be guilty of a misdemeanor, and will be fined in any sum not less than fifty dollars, or more than five hundred dollars for each offense.

For more information on Missouri Revised Statutes, click here.

For questions regarding how this could impact your business, please call your WK advisor at (573) 442-6171 or (573) 635-6196.

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IRS DELAYS EMPLOYERS’ DEADLINE TO DISTRIBUTE FORMS 1095-B AND 1095-C TO EMPLOYEES. The IRS recently issued a notice that it has extended the deadline to file Affordable Care Act mandatory reporting of 2016 health insurance coverage on Forms 1095-C and 1095-B from January 31, 2017, to March 2, 2017.
REMINDER: 2015 LAW CHANGES TAX RETURN DATES FOR C CORPORATIONS, PARTNERSHIPS, AND MORE. A law signed by President Obama last year changed the due dates for certain 2016 tax returns that will be filed in 2017. Entities affected by the new deadlines include partnerships and C corporations, as well as those that file FinCEN Form 114, Report of Foreign Bank and Financial Accounts, and several other Internal Revenue Service information returns.

Posted 12-6-2016 | Topics: Client Alerts, News,

Our thoughts and prayers are with all of our clients, friends and the communities across the state of Missouri impacted by the storms, tornadoes and flooding that have hit our state.
Our collective resolve will carry us through the coming months as we work to restore what was lost.