As a finance professional with a deep understanding of the accounting industry, I can provide you with a detailed answer regarding overtime pay for accountants.

Accountants, like many other professionals, often find themselves working beyond the standard 40-hour workweek. The question of whether they are compensated for overtime can be complex and is subject to various factors, including the specific job position, the company's policies, and the legal regulations that apply to their employment.

In the United States, the Fair Labor Standards Act (FLSA) is the primary federal law governing overtime pay. According to the FLSA, employees are classified into two main categories: exempt and non-exempt. Exempt employees are those who are not eligible for overtime pay, while non-exempt employees are entitled to receive overtime pay for hours worked beyond the standard workweek.

Traditionally, many accountants have been classified as exempt employees, particularly those in managerial or professional roles. This classification is based on criteria such as salary level and job duties. However, changes to the FLSA regulations, as mentioned in the excerpt you provided, have altered the landscape for overtime eligibility.

The new regulation you referred to, which was set to be issued by the Department of Labor, raised the salary threshold for exempt employees to $47,476 per year. This means that any salaried employee earning less than this amount must be classified as non-exempt, and therefore, is eligible for overtime pay when they work more than 40 hours in a week. For those earning at or above the threshold, overtime eligibility depends on whether their job duties meet the FLSA's duties test for exempt status.

It's important to note that these regulations can vary by state, and some states have their own overtime laws that may be more generous to employees. Additionally, companies may have their own policies regarding overtime pay, which could be more favorable than the federal or state minimums.

In accounting firms, the practice can differ significantly. Some firms may choose to adjust salaries to keep employees above the exempt threshold to avoid paying overtime. Others may implement policies that encourage efficient work within the standard workweek to minimize the need for overtime. In high-demand periods, such as during tax season, overtime work is often expected, and some firms may offer compensatory time off or other benefits instead of overtime pay.

It's also worth mentioning that the accounting profession is not uniform, and practices can vary widely depending on the size and type of the firm, the industry sector, and the geographic location. Smaller firms or those in less competitive markets may have different practices compared to larger, international firms.

In conclusion, whether accountants receive overtime pay is influenced by a combination of federal and state laws, the specific job classification, the firm's policies, and the individual's salary level. With the changes to the FLSA regulations, more accountants may find themselves eligible for overtime pay, but the actual implementation of these policies can vary widely across different firms and states.

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Accounting Firms and the New Overtime Rules. ... Under the new regulation to be issued by the Labor Department on Wednesday, most salaried workers earning up to $47,476 a year must receive time-and-a-half overtime pay when they work more than 40 hours during a week.May 20, 2016read more >>