Tax perks under HIRE Act may push out another six months

If Congess approves the proposed legislation, the tax benefits for hiring unemployed workers under the HIRE Act will be extended by six months. These benefits include a 6.2% payroll tax incentive for unemployed workers hired from February 3, 2010, to January 1, 2011, and a $1,000 general business tax credit for each worker who stays with your company for at least one year.

The HIRE Now Tax Cut Extension of 2010 would allow employers hiring qualified employees from July 22, 2010, through June 30, 2011, to tap into the HIRE ACT benefits for an additional six months. The hope is that the legislation will advance the nation’s economic recovery by trimming the costs associated with hiring. Claim your payroll tax exemption under the new HIRE Act with Form W-11.

We will continue to monitor the situation, so check back here for updates.

Previous posts:

Are you clear on who qualifies for the HIRE Act tax benefits?

Hiring and firing and the latest legalities along the way

Hiring to get a boost with tax breaks for employers

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