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COBRA Credits

Newport News, Virginia – April 15, 2009

President Obama's American Recovery and Reinvestment Act (ARRA) presented significant implementation challenges for PenSoft. Some of the most complex and involved changes surround the new COBRA credit and the strict deadline to implement new tax withholding formulas.

PenSoft redirected all of its programming resources to work full-time on the implementation of the new COBRA credit on Form 941 and update the federal withholding formula to ensure our customers would be in compliance with these new requirements. We released the update to our customers in March to ensure they had the update prior to filing their 1st quarter Form 941.

In addition to implementing the program changes, we registered to participate in a weekly conference call conducted by the Internal Revenue Service. These conference calls allowed us to stay on top of the changes as they were announced. The question and answer sessions provided us the opportunity to address the concerns of our customers. It is our intent to continue participating in these weekly calls to stay abreast of the latest legislative and regulatory changes which potentially could impact our customers.

PenSoft understands our customers may still have questions. The program support team is standing prepared to answer any questions and assist customers with filing their quarterly tax reports.

About PenSoft

Founded in 1983, Peninsula Software of Virginia, PenSoft, develops PenSoft Payroll; payroll software designed for small to mid-sized U.S. businesses with 1 to 2,000 employees per company. With many payroll experts and Certified Payroll Professionals (CPP) on staff, PenSoft monitors state and federal tax laws for changes to ensure PenSoft Payroll is always current and up-to-date, and is backed up by unsurpassed program support for users and an online Knowledge Database. Corporate headquarters are located in Newport News, Virginia. For additional information, visit PenSoft on the web at