HIRE ACT of 2010 Jason Meredith, CPA, CFP ® Mid-South CFO 205-907-3338.

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Presentation transcript:

HIRE ACT of 2010 Jason Meredith, CPA, CFP ® Mid-South CFO

Overview of Tax Act Tax Reduction and Tax Credit extended to employers than hire an employee who has been unemployed or underemployed for 60 days prior to their employment in Employment period covered is Feb. 3, 2010-Jan. 1, 2011.

Definition of Unemployed and/or Underemployed Employee was unemployed prior to employment with current employer, and employee worked 40 or fewer hours for anyone during the 60-day period prior to employment. Employee acknowledges by signing Form W-11. Employer keeps in their records if requested.

Tax Reduction Employers do not have to pay matching social security tax of 6.2% on employees who qualify under the definitions for calendar year 2010 beginning March 18 th - December 21, Deduction is taken on Form 941 completed at quarter’s end.

Tax Credit Employer’s qualify for a tax credit of $1000 if provide employment to new hire that meets definitions for 52-week period. Tax Credit would be used on the Employer’s 2011 tax return.