How will the Economic Stimulus Act affect payroll for me and my clients?
The American Recovery and Reinvestment Act of 2009 (ARRA), aka the Economic Stimulus Act, includes new tax credits and other assistance that, while beneficial, will require changes to how payroll is calculated. Intuit, producer of QuickBooks, Intuit Payroll, is providing its clients with several methods for keeping up to date on the latest changes. Here are the suggestions Intuit is making to its clients for how to ensure payroll is current and correct:
First Steps: There are two things that you can do right now to make sure that you keep up to date with the latest information about your payroll service. These are also steps you can recommend to clients with their own payroll service:
- Keep your payroll administrator e-mail current. At various times throughout the year, Intuit send e-mails to payroll administrators with important information that helps to keep your small business compliant with changing regulations. Intuit provides instructions on how you can quickly update your payroll administrator's information in QuickBooks.
- Make sure you always have the latest payroll updates. Intuit provides instructions on how to turn on automatic updates. Automatic updates are a great way to make sure that you always have the latest information.
Stay Tuned: Intuit will provide QuickBooks updates to readers of Intuit ProConnection and to all QuickBooks ProAdvisors as such dates are confirmed.