With less than two weeks before the New Year, the White House and House Republicans are still in negotiations on how to avoid the “fiscal cliff” that is set to begin January 1, 2013. The “fiscal cliff” has been a top news story since before the election but what does it mean for your business?
The delays in negotiations pose potential problems for all taxpayers, especially businesses that rely on and create payroll software. The dozens of expected exemptions, deductions, exclusions and changes to the various payroll tax codes/rates make it nearly impossible to begin preparing for the 2013 payroll tax year. Many payroll software companies are gearing up to make quick changes to their payroll software modules as their users grow anxious that there won’t be enough time to implement all of the changes prior to the first 2013 check dates. PTM is taking steps to ensure that our clients will have the smoothest transition into the New Year as possible.
In the past, PTM has dealt with servicing clients whose payroll software companies did not have adequate time to update their systems, specifically with items effecting first quarter payrolls, much like the expected changes to prevent our country from going over the “fiscal cliff.” PTM is prepared to implement a temporary “workaround” to process data accurately as we receive it from our payroll software vendor partners up to and after the eleventh hour; while the ACH processor is poised to handle any changes to client processing volume that may occur as a result of the changes. We will be doing as much as we can to help our clients and payroll software vendor partners manage the pending changes.
With the current fiscal uncertainty and pending political negotiations, rest assured that PTM will be up-to-date and serve our clients in the best way possible as the December 31st deadline approaches.