Blog Post: Stimulus Plan, Part 2

If you work in finance or human resources, chances are you've been following the status of the economic stimulus plan. If not, you should begin learning it now, as many changes are already taking effect. Ensure your job security by keeping your employer compliant (or showing a potential employer that you have what it takes to ensure their compliance)!

Early release copies of the new federal income tax withholding (percentage method and wage bracket method) and advance earned income credit payment tables have been issued by the IRS to implement the Making Work Pay income tax credit contained in the American Recovery and Reinvestment Act of 2009.

The tables will be published in Publication 15-T, New Wage Withholding and Advance Earned Income Credit Payment Tables (for wages paid through December 2009). Publication 15-T should be used by employers in conjunction with the information in Publications 15, 15-A, and 51.

The IRS asks that employers begin using these tables as soon as possible, but no later than April 1, 2009.

Other items to keep up-to-date on include changes to the COBRA premium discount and changes to the Form 941.

Members of the American Payroll Association have access to members-only content about this and more. Join at www.americanpayroll.org

You can also attend APA's 2009 Capital Summit in Washington, DC March 19-20 to find out all the details of the American Recovery and Reinvestment Act of 2009.