The Economic Stimulus Plan Updates: Its Impact on Your Business
This section is designed to help you understand and stay abreast of how the economic stimulus plan legislation affects your business and your employees. APS has been monitoring the stimulus plan to help you understand how it may affect you, your business, and your employees.
What is the Stimulus Plan?
President Obama’s economic stimulus plan, The American Recovery and Reinvestment Act of 2009, is a broad piece of legislation which impacts individuals, businesses and government agencies. In a nutshell, it is a plan to grow the economy through tax relief and investments in health care, energy, and education. Select from the items below to learn about specific legislation updates:
The American Recovery and Reinvestment Act of 2009 (ARRA) mandates that plans notify certain current and former participants and beneficiaries about the premium reduction. The Department of Labor created model notices to help plans and individuals comply with these requirements. Each model notice is designed for a particular group of qualified beneficiaries and contains information to help satisfy ARRA’s notice provisions. Click here to view model notices.
Various federal agencies have provided web sites with legislative information, downloadable forms and/or further links within their agency web sites to help you navigate the bill. Click to review Department of Labor and Internal Revenue Service American Recovery and Reinvestment Act overviews.
Learn what documentation you need to maintain to support the credit claimed for the IRS. Click here to learn more.
The stimulus plan includes a variety of changes and additions to tax credit/incentive programs, such as the Work Opportunity Tax Credit program. Click here to learn more.
The Making Work Pay provision of the stimulus plan gives workers a rebate/credit for the 2009 and 2010 tax years. Click here to learn more about the Making Work Pay tax credit.
There is a temporary increase in the Earned Income Tax Credit. Click here to learn more about the expanded Income Tax Credit.
The stimulus plan includes changes to the way COBRA assistance is provided to employees. Click here to learn more on COBRA changes.
The Rules Are Constantly Changing
The legislative landscape surrounding HR, payroll, taxes and employee benefits is evolving at a rapid pace. You can rely on APS to provide you the guidance and expertise to stay current with these compliance challenges.
Stay Updated
APS will continue to monitor legislative guidance regarding the American Recovery and Reinvestment Act as it becomes available. Bookmark this page for the latest on the economic stimulus plan.
APS – The Business Partner that Pays™
The information on this page is provided solely as a courtesy and should not be construed as legal advice. Your legal counsel should be consulted for updates on law and guidance that may have an impact on your organization and the specific facts related to your business.
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