Date Posted: 3/28/2009
New Economic Stimulus Tax Rates May Cause Serious Under-Withholding for Two-Income Married Households!
March 27, 2009 – Taos, New Mexico - Universal Business Computing Company (UBCC), the leading provider of high volume, high productivity software for accounting and payroll professionals, is alerting the Accounting industry media that the new Economic Stimulus tax rates may cause serious withholding errors for two-income married households.
“Accountants need to inform their clients that there is a problem with the new Stimulus tax rate tables. The Economic Stimulus Tax tables do not take multiple income households into consideration,” said Ken Garen, CPA, Co-Founder and President of UBCC, (www.ubcc.com). “There is the distinct probability that two-income married households will find themselves under-withholding by exactly the full amount of the tax stimulus,” continued Garen. “Without proper adjustments made to clients’ tax withholdings, this shortage will have to be paid in full at the end of year and the taxpayer could incur underpayment penalties and interest.”
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