Thursday, April 15, 2010

UPDATED: If You're Hiring, Are You HIRE-ing?

Here is the link to the form prepared by the IRS for employers to use in claiming the tax exemption.

For you employers out there who are filling out your workforce, this is a gentle reminder to check into whether you can avail yourselves of the tax benefits under the Hiring Incentives to Restore Employment (HIRE) Act.

Employers who make a qualified hire between February 3, 2010 and January 1, 2011 are eligible to receive a 6.2 percent payroll tax exemption (equivalent to the Social Security tax on that employee's wages). The employee will still get full Social Security credit for the wages earned.

As with most incentives, restrictions do apply. If you've made hires or are preparing to do so, check with your counsel to see if your hires qualify as HIREs.

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