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Tax tables will be changing in January.  Update your tax tables and ESC rates before running your first January payroll.  Now is also the time for employees to submit a new W4 form to payroll if they have had any changes in marital status, dependents, income, etc.  Please have them consult their tax advisor as needed.

Payroll is currently working on completing the 2010 W2's and 1099's.  Please have employees verify that their name and address are correct by looking at their most recent paystub.  Notify payroll of any changes necessary.  W2's and 1099's need to be furnished on or before January 31, 2011. 

Tax sheltered annuities are available as a means to shelter income for your retirement.  This allows you to set aside pre-tax funds each year and have them available to you once you retire.  Calendar year 2011 allows you to shelter $16,500 for those age 49 and below and $22,000 for age 50 and above in 403(b) and 457 TSAs.

The new E-rate FCC forms 470 and 471 are available on the Universal Service Administrative Company (USAC) website.

FY12 budgeting has begun for many school districts and establishing estimated revenues is the first part of that process.  Be sure to meet with your school Principals/Lead Teachers or those in your community who can assist you in estimating your new year enrollment (if you have Head-Start in your communities, often times they can provide you with the 3-4 year old enrollment to assist in this process).  Once an estimated enrollment is established you can calculate your revenues for the ensuing year.

We are entering the second half of FY11. Grant departments and grant administrators should be monitoring grants to ensure that they are fully utilized as well as starting the process of gathering the data necessary to plan for next year's programs, expenditures, and grant re-writes.  Grant funds are especially important when there is declining enrollment.  Funds must be keenly focused and priorities carefully chosen.

The objective of this Statement is to enhance the usefulness of fund balance information by providing clearer fund balance classifications that can be more consistently applied and by clarifying the existing governmental fund type definitions. This Statement establishes fund balance classifications that comprise a hierarchy based primarily on the extent to which a government is bound to observe constraints imposed upon the use of the resources reported in governmental funds.  The requirements of this Statement will be effective for the FY11 reporting period.  For more information, please either contact your auditors or refer to the following website: http://www.gasb.org/st/summary/gstsm54.html.

TSA's - Provide your employees with at least 2 types of notices regarding their option to participate in your tax-sheltered annuity plan(s).  We suggest 1 electronic notice and 1 hard copy notice.

Effective January 1, 2011 the standard IRS mileage rates are:

• $0.51 per mile for  business miles driven
• $0.19 per mile driven for medical or moving purposes
• $0.14 per mile driven in service of charitable organizations

December 31, 2010:  Deadline to submit Indirect Rate application.

January 1, 2011: Update payroll systems to reflect the 2011 wage base rates.  Bank holiday.

January 18, 2011: Bank holiday - Martin L. King birthday.

January 31, 2011:  Deadline for submitting W-2s to employees.

Feburary 15, 2011: Bank holiday - President's day.

February 28, 2011:  Deadline for filing paper W-2s.

March 31, 2011:  Deadline for filing electronic W-2s.