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Will Congress cause your Paycheck to be incorrect?

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Unless congress acts by December 10, your paycheck may or may not be correct. It all depends on the if the Bush-era tax cuts are extended. If they are extended to some degree, which most expect that they will be the IRS may not have enough time to update the information used by your payroll department to withhold the correct amount of tax from your paycheck.

See this for more infomation –

Senate tax-vote delay causes headaches for payroll departments

New Law saves education jobs

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On August 10, President Obama signed into law the “Education Jobs and Medicaid Assistance Act of 2010.” The law will fund the jobs of an estimated 140,000 teachers who would otherwise have lost their jobs, and it will help states with Medicaid costs.

To pay for these provisions, the law makes a number of changes to the foreign tax credit and eliminates the advance payment option for the earned income credit.

If you need details of provisions that affect you or your business, contact our office.

David Bradsher, CPA  is a Washington DC / Northern Virginia area CPA who works with small business owners and non profit leaders on a monthly basis to provide them with guidance and advice on how to grow their organizations, minimize their tax liabilities and increase their bottom line.