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Intuit Payroll to Help Put President Obama's Stimulus Tax Credits in Employees' Pockets
Company Responding to New Stimulus Package: Will Make Getting Tax Credits Easy, Saving Time and Worry
MOUNTAIN VIEW, Calif – Feb. 20, 2009 – Intuit Inc. (Nasdaq: INTU) is making it easy for employers to get President Obama's economic stimulus tax credit dollars into their own and their employees' pockets.
Getting the tax credits will require employers using spreadsheets and other manual payroll methods to stay on top of all the new laws and change how they handle payroll tax withholdings to accurately issue credits for each employee. Intuit Payroll is helping ensure that the more than one million businesses using Intuit Payroll Services –and the more than 12 million employees paid with them – can take advantage of the new tax benefits while keeping their payroll in full compliance with the new legislation.
The stimulus package, known as the American Recovery and Reinvestment Act of 2009, includes new tax credits and other assistance that while beneficial, will require changes to how payroll is calculated. It provides up to $400 of tax credits per eligible individual or up to $800 per eligible family. Intuit Payroll can help save businesses valuable time by taking care of the required changes to tax tables, withholdings and payroll tax forms.
“Our software and services can help everyone get the most out of this new tax benefit,” said Cameron Schmidt, director of Intuit's Payroll Services Division. “We're committed to taking the worry out of payday and making it easier for our customers to pass these credits to employees by keeping ahead of payroll tax law changes and updating our software and services accordingly.”
Intuit Payroll Services plans to accommodate the stimulus package in several ways. The company will update federal and state tax tables to reflect the government's new tax credits pending approval from the IRS. As the IRS releases information and guidance, Intuit will also update required payroll tax forms, such as Form 941 – the Employer's Quarterly Federal Tax Form – for reporting new COBRA premium assistance payments. Intuit is making it easy for employers to understand how the changes affect payroll by posting the latest information at www.usepayroll.com/stimulus.
Intuit Payroll will provide updated tax tables at no additional cost to customers. In fact, up-to-date tax tables are a standard feature and ongoing benefit of an Intuit Payroll subscription. And, for employers who don't want to have anything to do with payroll tax filings, Intuit offers a payroll tax service, Assisted Payroll, that will do it for them, guaranteed accurate and on time (pending the accuracy of the data supplied, if the data is sent on time and the employer's account is sufficiently funded or Intuit will pay the resulting tax penalty).
“We want to make certain that employers and employees are confident they are getting the stimulus dollars to which they are entitled,” Schmidt said. “By investing as little as $100 a year for Intuit Basic Payroll, businesses can be confident that the updates to their tax tables and withholdings will allow for eligible employees to get their tax credits and ensure that their payroll is in full compliance with the new legislation.”
About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax® software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation software suites for professional accountants. The company's financial institutions division, anchored by Digital Insight, provides on-demand banking services to help banks and credit unions serve businesses and consumers with innovative solutions.
Founded in 1983, Intuit had annual revenue of $3.1 billion in its fiscal year 2008. The company has approximately 8,000 employees with major offices in the United States, Canada, the United Kingdom and other locations. More information can be found at www.intuit.com.
Intuit and the Intuit logo, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries.