New Incentives for Hiring Workers

There is a new law referred to as the HIRE Act. This new law basically provides for a payroll tax break for new employees hired after February 3, 2010. For those employees that qualify, your business does not have to pay the 6.2% employer share of social security tax for wages paid after March 18, 2010 through December 31, 2010. In general, employees that qualify are those that have not worked more than 40 hours during the 60 day period prior to you hiring them. To obtain this relief the employee must complete a new IRS Form W-11 in which they certify they meet the requirements and the employer must retain this form in their records. This benefit can also apply to new part time employees.

For additional information, click on our newsletter link on www.dvf-pllc.com.  Dempsey Vantrease & Follis is a certified public accounting and consulting firm based in Murfreesboro and Lebanon, TN.