The Federal Reserve Bank?s observance of the President's Day holiday (Monday, February 15, 2010) may affect your payroll processing cutoff times, including direct deposit.

If your normal paycheck date is on 2/15/10, to ensure timely tax payments and comply with the Fair Labor Standards Act, you should:

1. Change your paycheck date to Friday, 2/12/10
2. Send your payroll by 5 PM Pacific Time on Wednesday, 2/10/10

For other check dates, you might need to send your payroll a day earlier than usual, as described below:

*Accounts are typically debited before regular banking hours, so you should have sufficient available funds in your account the day before the actual debit occurs.

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Written by Ruth Perryman, CMA, CFE, CFM, MBA, DPA (ABD)

Ruth is the president of The QB Specialists, an Intuit Solutions Provider that has helped thousands of businesses throughout the United States, Canada and even the Caribbean get the most out of QuickBooks since 1996. Ruth has over 20 years of industry experience, including 5 years as a Chief Financial Officer. She is an Advanced Certified QuickBooks ProAdvisor and a member of Intuit’s Trainer/Writer Network. She is also certified in QuickBooks Point of Sale and Enterprise.

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