01/16/2015
Question: An employee left our company in 2012. While he worked here, he had taken out a loan from the company and he signed a promissory note. The problem is that the company was sold in 2013, with the outstanding loan on the books. Our new employer just canceled the loan. How do we report this canceled loan? On a W-2, since the loan arose in the course of employment? Or on a 1099-MISC form, since he’s no longer an employee?
01/15/2015
The FLSA and DOL regulations require employers to track all hours worked so employees can be paid for all the time they spend working. That’s especially true for hourly employees. But what about tracking hours for so-called exempt employees who aren’t eligible for overtime pay for hours worked over 40 per week?