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Onboarding Employees Under the HIRE Act
By Chuck Ros
The signing of the HIRE Act into law in March of 2010 will impact the way HR goes about onboarding employees at least through the end of the year. The Hiring Incentives to Restore Employment (HIRE) Act offers employers a significant tax benefit when they hire individuals who have been out of work for an extended period. The IRS has made Form W-11 available for employers to document new hires who were previously unemployed for at least 60 consecutive days. The HIRE Act offers two ways for employers to save money as they rebuild the U.S. workforce to a healthier level. The employer’s portion of Social Security payroll taxes for qualifying new hires is waived through the end of 2010. If these qualifying new hires remain employed for at least a year, the employer can also claim a $1,000 business tax credit (per qualifying employee).
HR departments that already have a process in place to take advantage of the multiple Work Opportunity Tax Credits on form 8850 will be in the best position to use form W-11. An automated onboarding software solution makes it much easier for employers to access their fair share of this incentive money. |
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Thank you for sharing this important information on the Hire Act, Chuck.
Keep up the good work.
Best wishes.
Frederick
The copyright for this content entitled "Onboarding Employees Under the HIRE Act" has been specified by the contributor as:
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