If you are a small employer that calculates your payroll manually – please be advised that new withholding tables have been released and any payroll on or after today, April 1st, 2009, have to be calculated using the new tables.
IRS IR-2009-13 – Information on the change
For those of you who use QuickBooks, be sure you download the latest update and that your subscription is current. You will not really notice much a change in preparing the payroll, but you can be sure your employees will start asking questions as it is all of the news today.
For those of you that are married with a double income and adjusted gross income of more than $150k – this could actually reduce your withholding in certain circumstances. More to come on this as it develops. The timing of this is horrible for CPAs! We are in the final leg of long hours changes to payroll preparation is the last thing we want to deal with.
By the way, this is not an April Fools joke. I only wish this whole “stimulus” bill was only a joke.