President Obama signed into law the Hiring Incentives to Restore Employment Act (HIRE), an economic stimulus plan that contains $15 billion dollars in new incentives for businesses, which hire unemployed workers in 2010.
Two key provisions that may affect you:
- Eliminating the current 6.2 percent employer Social Security tax for eligible new hires
- A $1,000 business tax credit for keeping eligible employees for at least 52 consecutive weeks
This legislation makes significant changes that go beyond payroll processing – your business may be affected in numerous ways. To help determine the impact of this new legislation, call our office to receive a free consultation.
In addition, The HIRE Act is another reminder why so many clients prefer to have their CPA’s or accountants prepare their payroll. With over 25 years of experience in helping small business such as yours, we provide solutions that go beyond payroll processing. Emil Estafanous, CPA has processes in place to monitor and react to the changing legislative landscape and support the ongoing needs of your business.
It would be to your advantage to contact me and schedule an appointment so we can review how you can benefit from this new law.