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Oasis, A Paychex® Company, is one of the nation's leading Professional Employer Organizations (PEOs), providing clients with Human Resource Services, Payroll Administration, Employee Benefits Administration and Risk Management Services. Oasis has clients in all 50 states and in many different industries. Oasis tailors its HR solutions to address specific challenges within a number of industries. To learn more, please click below.
The Michigan Department of Treasury recently issued a press release stating that Michigan has repaid the $3.2 billion Unemployment Trust Fund balance due to the U. S. Treasury. This is a win-win for the state and its employer communities.
Because this transaction was completed before the end of 2011, the state and its business community will benefit in several ways, including:
- FUTA tax credits restored (rate reduced from 1.8% to 0.6%, effective January 1, 2012)
- Significant interest savings for the state of Michigan and their taxpayers—estimated between $150-$200 million
- Elimination of 2011 solvency tax on Michigan employers
As more information is released by the Michigan Department of Treasury, we will keep you informed in our monthly Compliance Newsletter. If you have any questions, please call your Payroll Team at 888.679.8865.
To learn more about how Oasis assists employers in all 50 states, give us a call to schedule your Free Consultation, 866.709.9401.
Managers and employees both have plenty of challenges when it comes to performance reviews. For managers, the review process can be time-consuming, tedious and difficult. Some find it arduous having to sum up the qualities and achievements of a diverse talent pool into a predefined rating system. From the employee’s perspective, performance reviews often seem like an opportunity for managers to lavish praise on “favorites,” which can lower the morale of the rest of the department.
In 2011, the value of medical Flexible Spending Accounts (FSAs) was impacted by the exclusion of over-the-counter items as qualified expenses under these plans. As a result, many employees chose to reduce their contributions with an expectation that they would have fewer qualified expenses. In 2013, a new change will go into effect when the maximum contribution to a medical FSA will be capped at $2,500.
If your FSA plan currently allows for a higher contribution amount, be sure to remind employees of the coming change to limits in 2013. Plan year 2012 will be the last year employees can contribute more than $2,500 to their FSA. Employees who have bigger planned medical expenses pending, such as braces or Lasik eye surgery, may elect to have these procedures in 2012, when they can pay for more of the expense with pre-tax funds.