Happy New Year! I hope you all enjoyed the holidays. 2013 didn't start off slowly, that's for sure -- fiscal cliff anyone? As I'm sure you all know, late last night Congress passed the American Taxpayer Relief Act, designed to avoid the dreaded fiscal cliff. What does this mean for employers? In short, lots of payroll updates and tax issues!
Now, anyone who knows me knows I'm not the biggest fan of anything math or numbers related (apologies to my father, a CPA!), and I always defer any tax issues to our corporate/tax attorneys. I did, however, run across across a couple of great articles on the payroll/tax issues, and I thought I'd share with our readers.
First, Forbes published 4 Important 2013 Payroll Updates & Tax Changes for Small Business. It explains important changes with federal income withholding tax, social security, and Medicare that must be dealt with ASAP in payroll. Click here for the article.
Next, local CPA firm Markham Norton Mosteller Wright & Company (a new HR Law & Solutions sponsor!) posted a very detailed update on its blog today. Though much of the post is geared towards individual tax provisions, it addresses many of the business provisions as well. Click here for the post.
If you have specific tax questions, please let me know, and I can put you in touch with one of our corporate/tax attorneys. In addition to the tax/payroll updates, remember the minimum wage in Florida went up on January 1. Make sure you've adjusted payroll accordingly, and posted the updated notices. Check out my prior post (click here) for more information.
Best wishes to all of you for a healthy, prosperous 2013!