Goodbye 2016 and hello 2017!!! If you aren't as excited as we are about the new year and looking ahead to all the new changes and updates that are taking place in the world of payroll, we've compiled a short list of some of the most important things to be aware of in 2017.
Linn County minimum wage increases to $8.25 an hour beginning January 1, 2017. Click here for more information on this ordinance and how it might affect you. Click on the FAQs for an easier to understand explanation.
Johnson County minimum wage increase to $10.10 an hour beginning January 1, 2017. Click here for more information on this ordinance and how it might affect you.
Filing deadlines for W-2's, 1099's and ACA forms are still on track to be submitted to the government by January 31st.
The state of Iowa is now requiring employers with over 50 W-2's to submit their W-2 file directly to the state. In previous years they pulled this information directly from the IRS, but have now gone away from this method. Click here and scroll to the bottom of the page for more information.
The federal mileage rate is now 53.5 cents in 2017.
Contribution limits - While Dependent Care FSA, 401k and SIMPLE plan contribution limits have remained the same for 2017, the FSA limit has risen to $2,600.
Form I-9 - While you can still use the old I-9 form for a few more weeks, beginning January 21st you'll need to make sure you use the new I-9 form that can be found here and click on the Federal I-9 link.
FLSA - Keep an eye out for news regarding the FLSA ruling that was passed and is now currently on hold. While we'd all like to know how this is going to play out right now, we'll have to take a wait and see approach with this ruling and how the new president will look at this.
Remember, these aren't all the changes in store for 2017. If there's any payroll topic you have a question on, please call us at 319-294-9426 and we'll be happy to find the answer for you!