That lyric from a timeless Christmas classic shouldn’t only apply to Santa at this time of year, but also to every small businessman and woman across the country. Your list however, should be of what legal and regulatory changes will be taking effect on January 1, rather than who’s been naughty or nice! In that vein, Coloradans will see two major changes come into play with the New Year – as the overtime exemption threshold increases January 1 in the Rocky Mountain state and the state’s new Equal Pay for Equal Work Act likewise becomes effective. The latter implements a total salary history ban regarding prospective employees and mandates that an employer announce all advancement openings with the corresponding pay range. Further, it mandates they maintain all specific records relevant to the positions for at least 2 years. Violations are punishable by a fine of between $500 and $10,000 per violation. The state overtime exemption threshold also increases with the turn of the calendar to $778.85 per week or $40,500 per year. Similarly on January 1, 2021, the minimum wage in the state of Washington will rise to $13.69 statewide (Seattle minimum is higher), while the state overtime exemption threshold increases to $42,712.80 for employers with fewer than 50 employees and to $49,831.60 for those with 50 or more 50 workers! The federal FLSA threshold remains $35,568 per year, but obviously, states can establish their own, higher threshold.