What's New:

HIRE

We have a new acronym in the law for the federal "Hiring Incentives to Restore Employment (HIRE) Act". HIRE forgives the employer's 6.2% share of Social Security payroll taxes related to the hiring of employees employed on or after February 4, 2010 and before January 1, 2011, starting with wages paid after March 18, 2010, the date of enactment of the new law. The new employee generally must have been unemployed for at least 60 days prior to his or her start date and not replace another employee of the employer. If the new employee remains on the payroll for at least 52 consecutive weeks, their employer will qualify for a $1,000 tax credit per new hire on their 2011 income tax returns. New hires must sign a statement certifying that he or she was unemployed during the 60 days before beginning work, or worked fewer than 40 hours for another employer during that 60-day period. The IRS is expected to develop a form to be used for this purpose.