Intuit has updated its payroll service with the latest tax changes, forms and credits to comply with the newly passed economic stimulus bill.
The tax and accounting software developer said that its Intuit Payroll service will be able to take advantage of provisions in the American Recovery and Reinvestment Act, including the Making Work Pay refundable tax credit, which provides up to $400 per year for individuals in 2009 and 2010, and up to $800 per year for married couples filing jointly. For many taxpayers, the credit will be applied to their payroll taxes, giving them a little extra money in their paychecks that the government hopes they will spend quickly.
Intuit said that it is updating its tax tables, withholdings and payroll tax forms to make it easier for employers to accommodate the changes, pending approval from the Internal Revenue Service.
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As the IRS releases information and guidance, Intuit will also update the required payroll tax forms, such as Form 941, the Employer’s Quarterly Federal Tax Form, for reporting new COBRA premium assistance payments. Intuit plans to post the latest information at www.usepayroll.com/stimulus.
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