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|Subject: Re: More Shutdown Fallout||Date: 10/14/2013 7:13 PM|
|Author: TMFPMarti||Number: 18661 of 20226|
You probably saw a news story this weekend about the delay in determining the Social Security COLA due to the gov't shutdown.
I did see an article saying that the S.S.COLA for 2014 would be 1.5 %.
Well, no. You saw an article citing an organization that is not involved in the process saying that it would be 1.5%. The missing piece of information is the third quarter index #. Since it's usually mid-October when the COLA is announced, you can figure the official announcement should come a couple of weeks after the shutdown is over.
It could be that everyone involved in the process was deemed essential, but I doubt it since there probably would have been statements to that effect.
Benefit calculations are pretty easy. There's a lot that needs to be done on the tax side, but the immediate stuff is getting withholding guidance updated and issued in time for payroll processors to be ready for January paychecks. Hot on its heels are the excise tax adjustments, since those returns are quarterly. Gotta make sure we're collecting the right amount on arrows.
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