Hiring Incentives to Restore Employment, or H.I.R.E. Lori Cacioppo Sr. Stakeholder Liaison Date: September 29, 2010.

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Presentation transcript:

Hiring Incentives to Restore Employment, or H.I.R.E. Lori Cacioppo Sr. Stakeholder Liaison Date: September 29, 2010

Two New Benefits Employers who hire certain previously unemployed workers are eligible for: Payroll tax exemption New hire retention credit

Payroll Tax Exemption Exemption from the employer’s 6.2% share of social security tax Effective for wages paid from March 19, 2010, through December 31, 2010 Employee social security and Medicare tax still apply to all wages Election out

New Hire Retention Credit General business credit Up to $1000 per retained qualified employee

Qualified Employee Begins employment after 02/03/10 and before 01/01/11 Certifies that they were employed for less than 40 hours in prior 60-day period Is not replacing existing employee unless the employee separated voluntarily or was terminated for cause Is not related to employer

Affidavit Form W-11 or substitute Signed under penalties of perjury May be signed electronically Retained by employer, not filed with IRS

Qualified Employer Taxable businesses Tax-exempt organizations Taxable businesses and tax-exempt organizations in 5 U.S. Territories Public colleges and universities Indian tribal governments

Non-Qualified Employers Federal, state & local governments, other than public colleges and universities Household employers

Claiming the Exemption Form 941 and annual Employment Tax Returns Beginning second quarter of 2010 Credit for wages paid between March 19 and March 31, claimed on second quarter return

Retention Credit Claimed on employer’s income tax return Lesser of $1,000 or 6.2 percent of wages paid to qualified employee Must retain qualified employee for 52 consecutive weeks Wages cannot significantly decrease in the last 26 weeks of employment Credit may be carried forward

More Information HIRE Act: Questions and Answers for Employers /0,,id=220745,00.html

Small Business Health Care Tax Credit

Eligibility Rules Providing health care coverage Firm size Average annual wage Both taxable (for profit) and tax- exempt firms qualify

4 Million Postcards May be able to claim the Small Business Heath Care Tax Credit Find out if you are eligible

Questions