America's nearly 28 million small businesses employ more than 90 percent of the total U.S. workforce and collect about 70 percent of all federal revenues through their regular payroll withholdings. In light of recent tax law changes, Intuit Inc. (NASDAQ: INTU), today launched a new Payroll Resource Web site. The site, www.payrolltaxrelief.com, offers helpful information and payroll services that will help small businesses better understand the benefits, challenges and opportunities created by the changes.
"Navigating and understanding payroll processes is not an easy task for any business, and staying on top of ongoing changes in tax laws compounds this [problem/difficulty]," said Philip Seagraves, director of marketing, Intuit Payroll Services Group. "We developed this site to minimize the mystery of these tax changes and help small businesses manage their businesses more effectively overall."
Intuit's new payroll resource site offers a simplified explanation of the new tax legislation. Information on the site includes:
- An overview of how the new tax relief impacts businesses and individuals
- Tax estimators to assess the impact of tax relief on individual households
- A W-4 Wizard to assess if payroll withholdings should change as a result of the new tax laws
- Tip sheets for business owners to communicate tax changes to employees
- Detailed information on major reforms, such as the repeal of the estate tax
- Advice on how Intuit's Payroll Services Group can help business owners manage the payroll withholding changes over the next five years
The first of the reductions outlined in the new tax legislation took affect on July 1, 2001. These changes were seen in employee paychecks in the form of withholding taxes. However, the $1.35 trillion tax legislation will continue to affect small business owners over the next 10 years. As rates continue to decrease over the years, small businesses will need to remain aware of the changes and how to implement them.
The tax legislation outlines additional provisions that affect small businesses. Those provisions include the creation of a new credit for employer-provided childcare, new retirement and pension provisions, and an allowance for business contributions to education IRAs. These are all explained on the new resource site where they are outlined for easy "click and read" access.
"QuickBooks has more than 650,000 payroll customers and over 20 years of experience in simplifying the payroll process for businesses," added Seagraves. "Staying up-to-date on changing tax laws and rates is critical so that businesses withhold the correct amount from employees' paychecks, submit proper payroll taxes and avoid costly penalties from incorrect tax filings."
Intuit Payroll Services Group works closely with government agencies to track updates and pending changes that affect customers. The group offers several payroll services that range from do-it-yourself to fully outsourced payroll solutions. To learn more about these services visit www.quickbooks.com/payroll.
