My HR Professionals is keeping our clients up-to-date with all things concerning year-end regulations and documents. We will continue to maintain up-to-date information on this page.
Updated: January 18, 2022
Tax Exempt Letters: Employees who requested ‘Exempt’ status for tax purposes on their 2021 Form W-4 will be receiving a notification from My HR Professionals in January 2022, to resubmit the 2022 Form W-4. An exemption is only good for 1 year. Employees must give their employer a new Form W-4 by February 15th each year to continue their exemption. After February 15th if a new form is not received, My HR Professionals will update their tax settings to the Federal default standard of: ‘Single or Married filing separately’, ‘multiple jobs’ section will be left unchecked and ‘claim dependent amount’ will be set to zero amount. In conclusion, if impacted employees would like to reclaim ‘Exempt’ they need to complete the 2022 Form W-4.
W-2 Distribution: W-2 forms will be mailed out and made available in the employee portal, by January 31, 2022.
Year End Adjustments: All employer-paid insurance adjustments for specific individuals within your organization will need to be finalized for W-2's files to be processed no later than December 28th. Changes received after December 28th will be charged a $50 fee due to additional work required to amend W-2.
Employer Unemployment Rates: Employers in Arkansas will remain at a wage basis of $10,000 for contributions during the 2022 year for state unemployment tax. Oklahoma based companies will see a slight increase from $24,000 to $24,800 for the 2022 year.
Please notify My HR Professionals of any state unemployment tax act (SUTA) rate change notification you receive. Unemployment tax rates for experienced employers typically range from 0.2% to 7.2%. Changes not forwarded will impact the accuracy our reporting.