Monday Nov 21, 2011

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.

Friday Sep 16, 2011

Legislative Alert for FUTA Changes

The FUTA Surtax of 0.2% will expire on June 30, 2011 based on information provided in the IRS Publication 15 (Circular E) for 2011. Employers will see a lower Federal Unemployment tax rate in the second half of the year after the special surtax expires. The FUTA tax rate will remain at 6.2% through June 30, 2011. Effective July 1, 2011, the FUTA tax rate decreases to 6.0%. Due to the urgency of this change PeopleSoft Payroll for North America has created a special posting to comply with the IRS regulations. Please refer to My Oracle Support Document ID 133225.1 for specific information on this posting as it relates to your release.
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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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