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Economic Stimulus Plan
Perquest has created this resource page to provide easy to use information about the recently passed
American Recovery and Reinvestment Act of 2009 (ARRA). While this new legislation is expected to have an impact on a variety of levels including individuals, businesses and government agencies, Perquest clients can rest assured that required payroll related changes and updates have already been made.
Official Government Resources
The Department of Labor and Internal Revenue Service have established Web sites with important details about the ARRA. Some of their Web site materials include:
Making Work Pay provision provides a refund to qualifying individuals as a tax credit of up to $800 for married taxpayers and $400 for working individuals.
COBRA Fact Sheet explains amendments made to the Consolidated Omnibus Budget and Reconciliation Act also known as COBRA that will allow qualifying individuals and their families to receive up to a 65 percent reduction to their COBRA premiums, beginning March1, 2009, for up to 9 months. These terms are applicable to individuals who were involuntarily terminated on or after September 1, 2008 and before January 1, 2010. Other COBRA changes may require employers with assistance eligible individuals (AEI) to pay 65 percent of the COBRA premiums. Note: Companies with less than 20 employees are subject to state COBRA subsidy programs administered directly through your insurance carriers.
New Wage Withholding and Advanced Earned Income Payment Tables replace previously published tables. The IRS requests immediate implementation of these new tables and require business use no later than April 1, 2009.
Work Opportunity Tax Credit provides tax credits and incentives to employers who hire members of a targeted workforce.
Increased Exclusion Amount for Combined Commuter Highway Vehicle Transportation and Transit went into effect March 1, 2009. This measure increased the monthly benefit for transit/vanpool commuters from $120 per month to $230 per month. This is in effect through December 2009.
Net Operating Loss Carryback and Other ARRA Business Provisions discuss eligible small businesses that have deductions which exceed their 2008 income can use a new net operating loss tax provision. Updated instructions and forms are available.
Professional Resources
U.S. Small Business Administration has created a list of "Frequently Asked Questions for Small Business Owners" as it relates to the economic stimulus plan.
The American Payroll Association offers instruction for businesses that need to comply with the new requirements stated in ARRA.
A FULL SUMMARY OF PROVISIONS FROM SENATE FINANCE, HOUSE WAYS & MEANS COMMITTEES identifies additional provisions including:
For Individuals:
- Increase Eligibility for the Refundable Portion of Child Credit
- "American Opportunity" Education Tax Credit
- Computers as Qualified Education Expenses in 529 Education Plans
- Refundable First-time Home Buyer Credit
- Sales Tax Deduction for Vehicle Purchases
- Temporary Suspension of Taxation of Unemployment Benefits
For Businesses:
- Extension of Bonus Depreciation
- Election to Accelerate Recognition of Historic AMT/R&D Credits
- Extension of Enhanced Small Business Expensing
- Delayed Recognition of Certain Cancellation of Debt Income
- Small Business Capital Gains
- Temporary Small Business Estimated Tax Payment Relief
For Manufacturing Industry:
- Industrial Development Bonds (IDB)
- Advanced Energy Investment Credit
If you are interested in learning more about our innovative online payroll services, please contact one of our payroll professionals at 866.576.5340.
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