Dear AccountMate Clients,
AccountMate has released an additional update per your payroll tax subscription to accommodate the “Employer COBRA Credit” as a result of the American Recovery and Reinvestment Act of 2009 passed in February of this year.
This change allows eligible former employees to pay only 35% of the cost of their COBRA coverage – with the employer paying the other 65% and then receiving a credit on their quarterly 941 filing.
This update adds a screen to the Payroll module for the employer to claim the credit, reducing the amount paid for your Federal 941 Tax Deposit, along with generating the required GL entries in your system, and reflecting this credit on your quarterly 941 filing due by April 30, 2009.
If you would like us to install the update for you, which is a billable event, please let us know when would be convenient. Please note we must have exclusive use of the system and the installation will take approximately 15 minutes. Alternatively, we can provide the update for you and your technical staff to install.
Regards,
Kevin E. Stroud
NexLAN, LLC
https://nexlan.com
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