The Hiring Incentives to Restore Employment Act. Businesses can receive two tax incentives for each new worker. To qualify the employee must have been unemployed during the 60 days before beginning their new job or worked fewer than 40 hours during that 60 day period. It applies to anyone hired between February 3rd and December 31st of 2010 but the calculations of the credit do not start until March 19th.
The first benefit is a 6.2 percent payroll tax incentive, exempting businesses from their share of the employee’s social security taxes. The second is a tax credit of up to $1-thousand dollars for every worker retained for at least a year.A spokesman for the IRS says the HIRE Act is too new to know how well it’s working or how many companies are filing for the exemptions.
YOU MUST HAVE THE TAX EXEMPTION FORM W-11.
We must have a signed copy to process this information.Click here to download the tax exemption form W-11.