Legislative Alert - Payroll for North America

We have a Legislative Alert for our customers using PeopleSoft Payroll for North America.   The IRS has made some changes to the FUTA reporting for the tax year 2011.  The IRS requires that all employers complete the 940 Schedule A form when completing the Tax Form 940.  On the Schedule A employers must indicate every state in which you were required to pay state unemployment tax during the year (even if that state's credit reduction rate was zero).  For states with a credit reduction rate greater than zero you must enter the FUTA taxable wages paid in that state then multiply it by the credit reduction rate to report the credit reduction amount for that state.  Please click here  to obtain additional information on this regulation along with Oracle/PeopleSoft position on this new requirement in Document ID 1371681.1.
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This blog is dedicated to topics focused on legislative updates to PeopleSoft Applications including Human Capital Management and Financials.

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