**IRS announces mileage rate increase as of July 1,2011 to 55.5 cents per mile for business.
- OASDI for employees rate has decreased to 4.2% for 2011, while
the employer OASDI rate remains unchanged at 6.2%. Taxable wage base and Medicare rates remain unchanged for 2011.
- Personal Income Tax Filing Deadline for 2011 has been extended until April 18
- FSA & HRA participants can continue using debit cards to buy prescribed OTC medication
as long as they meet IRS guidelines
- Advanced Earned Income Credit,
HIRE Credit & Making Work Pay Credits all expired on December 31, 2010
- COBRA Premium Assistance Credit has been extended for 2011
- All
Federal Tax Deposits must be made by electronic funds transfer effective January 1, 2011
- FUTA tax rate will decrease to 6.0% on July 1, 2011
