Employment Tax Update – Are You Prepared for 2009?

Date: Tuesday April 21, 2009

Time: 2:00 PM EDT / 11:00 AM PDT


Your presenters:

Gregory Carver
Partner with Ernst & Young’s
National Tax Department
Debera Salam
Director of Payroll Information
and Process Services

Greg and Debby are directors of the Ernst & Young Payroll Resource Library, a service that includes the monthly journal, Payroll Perspectives, and over 100 EY Payroll Newsflash alerts on federal and state employment tax developments.  The Ernst & Young Payroll Resource Library is available through CCH.

The American Recovery and Reinvestment Act of 2009 (ARRA) was signed into law on February 17, 2009, with provisions requiring immediate changes in employment tax and payroll processes, most of them taking effect before the due date for filing the first quarter Form 941. When speaking about the ARRA in an address to the nation, President Obama stated, “Never before in our history has a tax cut taken effect faster or gone to so many hardworking Americans.” Adding to the immediate changes required under the ARRA are other regulatory and procedural changes that were previously scheduled to take effect in 2009, making this year one of the most challenging for the employment tax function.

In this timely update, Ernst & Young’s Gregory Carver and Debera Salam highlight key compliance issues analyzed and published in the popular Ernst & Young Payroll Resource Library, an online service provided by CCH.

Topics include:

• Implementation and ongoing considerations of the Earned Income Credit (EIC), Making Work Pay and other tax credits under the ARRA
• Claiming timely reimbursement for COBRA premium payment subsidies and IRS audit considerations
• State unemployment reforms required under the ARRA, their impact on your bottom line and cost management tips you can implement immediately
• Form 941 mechanics and making corrections/claiming refunds under the new Form 941-X process
• New reporting and tax payment rules for disregarded entities
• Other changes impacting payroll operations