TAKE NOTE: New American Taxpayer Relief Act Compliance Information
On New Years Day, Congress passed the American Taxpayer Relief Act of 2012 (H.R. 8). The President signed it the following day. Among other things, the bill permanently extends a number of tax provisions that had already expired at the end of 2011 and 2012 and extends unemployment benefits, Medicare payments and farm subsidies. It also delays the sequestration provisions established by Congress in 2011 until March 27, 2013, which allows lawmakers more time for further negotiations on deficit reduction and the extension of the debt limit or borrowing authority of the federal government. [READ: More fun compliance issues for us!]
Raise your hand if you thought this (fiscal) cliffhanger was over.
Nope. We didn’t think so either.
The Society for Human Resources Management (SHRM) has released helpful information regarding what provisions in the new legislation are important to know and understand. From SHRM:
Specifically, H.R. 8 contains a number of provisions of importance to the HR profession:
- Permanently extends employer-provided education assistance (Section 127 of the Internal Revenue Code), which allows an employee to exclude from income up to $5,250 per year in educational assistance at the undergraduate and graduate level regardless of whether the education is job-related.
- Permanently extends the increase in the monthly exclusion for employer-provided transit and vanpool benefits.
- Extends federal emergency unemployment benefits for one year.
- Reinstates and extends the Work Opportunity Tax Credit through 2013.
- The legislation does not include an extension of the 2 percent payroll tax cut of the Social Security (FICA) employee tax.
To read the entire SHRM article, click here.
Need help to manage your HR functions?
hireVision provides human resources outsourcing services that help you navigate those tricky compliance issues and build better employee relations at the same time. If you are looking to outsource hiring or implement strategic hiring initiatives, we can help you with that too. Contact us today for more information about the benefits of outsourcing HR functions, what HR outsourcing can do for your business in particular or about any of our many HR DirectLink services.
Our FREE ebook teaches you how to tap into the talent you already have available in-house to create a better team than you ever thought possible. Our four-step guide will show you how to:
|➤||Be the kind of leader your team would follow into battle|
|➤||Capitalize on your team’s strengths to gain a competitive edge in today’s modern workplace
|➤||Accommodate team challenges in ways that can actually boost overall employee work performance|
|➤||Finally get those performance management objectives to work for you, instead of the other way around|