Public Announcements 2016

Pursuant to Executive Order 13658,
the U.S. Department of Labor has issued a notice updating the minimum wage for federal contractors beginning January 1, 2017 to $10.20. https://www.gpo.gov/fdsys/pkg/FR-2016-09-20/pdf/2016-22515.pdf

U.S. Citizenship and Immigration Services (USCIS)
has announced that a revised Form I-9, Employment Eligibility Verification, has been approved. USCIS must publish the revised form by November 22, 2016. Employers may continue using the current version of Form I-9 until January 21, 2017. https://www.uscis.gov/i-9-central/whats-new 

Social Security Wage Base Increases to $127,200 for 2017
The Social Security Administration (SSA) announced on Tuesday, October 18, 2016, that the 2017 social security wage base will be $127,200, which is an increase of $8,700 from $118,500 in 2016 (view the SSA Fact Sheet).

Georgia Unemployment Insurance Payment Option Change
The Georgia DOL states credits cards and debit cards may not be used to pay unemployment tax any more.

Exempt Employee Salary Threshold Goes From $455 to $913 Per Week on December 1
The U.S. Department of Labor released the final rules governing which executive, administrative, and professional employees (white collar workers) are exempt from the Fair Labor Standards Act's minimum wage and overtime pay protections. Effective December 1, 2016, the final rule raises the salary threshold to $913 a week or $47,476 a year (up from $455 a week or $23,660 a year). The final rule does not change any of the existing job duty requirements to qualify for an exemption. Both the standard duties tests and the HCE duties test remain unchanged. The final rule is available for preview. Additional information is available on the DOL's website

Georgia's Department of Revenue Phone Line Spoofed
One of Georgia's DOR's phone lines has been subject to Caller ID spoofing.  The fradulant caller tells the victim that they owe a debt to the state and threaten legal action if payment is not made immediately.  If you are concerned that you have been contacted by an individual seeking a fraudulent payment, please contact the DOR's Office of Special Investigations by dialing 1-877-423-6711 and selecting option 3.

Georgia Annual Reconciliation Date Change
On February 23rd, the Governor signed legislation that will move the annual reconciliation deadline for tax year 2016 forms filed in 2017 to January 31st from the last day in February.

IRS Warns of Phishing Scheme
The IRS issued an alert to payroll and human resources professionals to beware of a phishing email scheme that purports to be from company executives and requests personal information on employees.

IRS Extends Deadline for Filings under 6055 and 6056
Due dates extended for the 2015 information reporting requirements (both furnishing to individuals and filing with the Internal Revenue Service) for insurers, self-insuring employers, and certain other providers of minimum essential coverage under section 6055 of the Internal Revenue Code, and the information reporting requirements for applicable large employers under section 6056 of the Code.

Earlier W-2 Filing, Permanent Commuter Benefit Parity in Year-End Tax Legislation
The comprehensive tax extenders amendment known as the Protecting Americans From Tax Hikes (PATH) Act of 2015 contains the following payroll provisions:

  • Accelerated Form W-2/W-3 deadlines. The PATH Act requires employers to file their Forms W-2/W-3 with the Social Security Administration by Jan. 31, beginning with 2016 W-2s filed in early 2017, whether on paper or electronically, which is the same date the forms must be provided to employees. Currently, Forms W-2/W-3 are due to the SSA by the end of February (paper forms) or March 31 (electronic filing). The Jan. 31 deadline also will apply to Forms 1099-MISC on which nonemployee compensation is reported.
  • Commuter benefit parity. The Path Act provides permanent commuter benefit parity with parking under IRC Sec. 132(f). As in previous years the "extension" portion of the legislation provides that the parity is also retroactive to Jan. 1, 2015. For 2016, the monthly maximum for both benefits will be $255.
  • Truncated SSNs. The PATH Act authorizes the IRS to allow or require that an "identifying number" be used for an employee rather than an SSN on Form W-2, effective on the date of enactment.

 

IRS LIMIT ANNOUNCEMENTS:

SOCIAL SECURITY LIMIT: $118,500
401K MAXIMUM: $18,000 - Total Comp = $265,000
401K CATCH-UP: $6,000 for a total of $24,000
BUSINESS MILEAGE: 54 cents
MOVING/MEDICAL: 19 cents
CHARITABLE: 14 cents

HEALTH SAVINGS ACCOUNT: $3,350 FOR INDIVIDUAL AND $6,700 FOR FAMILY
HEALTH SAVINGS ACCOUNT CATCH-UP: $1,000
HEALTH CARE SPENDING ACCOUNT LIMIT: $2,550
DEPENDENT CARE SPENDING ACCOUNT LIMIT: $5,000 FOR MARRIED JOINT RETURNS AND $2,500 FOR MARRIED FILING SEPARATE RETURNS

TRANSIT PASSES: $130 PER MONTH
TRANSIT PARKING: $255 PER MONTH

ADOPTION ASSISTANCE: $13,460

2015

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