Legislative Alert - Payroll for North America
- by Carolyn Cozart
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 go to Document ID 1371681.1 to obtain additional information on this regulation along with Oracle/PeopleSoft position on this new requirement.
