Every tax year seems to bring changes, small and large, that businesses must stay apprised of. Being proactive and informed is one of the best strategies for payroll tax filing compliance.
It pays to be well-prepared when it comes to payroll taxes. Some of the new changes businesses need to be aware of involve deadlines, tax credits, and W-2 forms. This is not a comprehensive list of changes and updates, however, and every HR professional should stay on top of this information by checking for the latest updates at IRS.gov.
According the U.S. Department of Labor, employers in California and the U.S. Virgin Islands will be paying far higher FUTA taxes in January 2017 because of their unpaid federal loans.
The U.S. Department of Labor recently announced that employers in the state of California and in the Virgin Islands will pay their Federal Unemployment Tax Act, or FUTA, taxes for calendar year 2016 at a higher tax rate than employers in other states.
Every year seems to bring new rules, new regulations and new forms. 2017 promises to be no different, especially for the IRS. Keeping up with these changes is part of the challenge for HR professionals.
Each year businesses across California and the nation are tasked with staying abreast of the myriad of regulatory changes, updates and revisions. From actual laws, to agency rules, and required forms, the sheer volume of information can be overwhelming.