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:

 

  1. 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.
  2. 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.

Visit Intuit's Payroll Support site to see all the latest news on how the ARRA may impact your payroll, and how Intuit QuickBooks Payroll is ready to help you and your clients succeed.

You may like these other stories...

The Governmental Accounting Standards Board (GASB) on Monday defined two approaches for measuring assets and liabilities, which officials said will guide the standard-setting organization in establishing accounting and...
The criteria for reporting a discontinued operation on financial statements was revised by the Financial Accounting Standards Board (FASB) on Thursday.According to Accounting Standards Update No. 2014-08, Presentation of...
Tax writers seek Section 179 extensionTwo tax writers – representatives Pat Tiberi (R-OH) and Ron Kind (D-WI) – are seeking to extend long-term a tax break that allows small businesses to immediately deduct the...

Upcoming CPE Webinars

Apr 17
In this exciting presentation Excel expert David H. Ringstrom, CPA shares tricks that you can use with pivot tables every day. Remember, either you work Excel, or it works you!
Apr 22
Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.