Federal Government Changes Important to HR

by Michael Haberman on October 30, 2011 · 0 comments


As we near the end of the calendar year the Federal government has made a number of announcement that are important for HR departments to pay attention to. Click on the highlighted links for additional information.

Department of Labor

  • The U.S. Department of Labor (DOL) has announced that the electronic filing system used by contractors to submit VETS-100 and VETS-100A forms will not be available until Nov. 1, 2011. Technology issues are preventing contractors from filing online. The department had delayed opening the online filing system for 60 days—from Aug. 1, 2011, to Oct. 1, 2011—but these issues have not been resolved. The department now anticipates the system to be online Nov. 1, 2011. Accordingly, the department is extending the filing deadline to Dec. 30, 2011. The department will not initiate enforcement actions against contractors for failure to file as long as the contractors file a report between Nov. 1 and Dec. 30.

Social Security and Payroll Taxes

  • Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 60 million Americans will increase 3.6 percent in 2012.
  • The FICA Taxable Wage Base has increased from $106,800 to $110,100.

ERISA

  • The contribution limits for 401(k) and 403(b) plans have increased from $16, 500 to $17,000.
  • The plan limits for SIMPLEs remains at $11,500.

IRS and COLAs

For tax year 2012, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation.

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