On March 18, 2010, the federal government enacted the Hiring Incentives to Restore Employment (HIRE) Act.
The HIRE Act has many provisions that impact employers, including a payroll tax exemption, and increased tax credits for employers that meet certain eligibility requirements. The legislation immediately enhances employers’ cash flow by permitting employers to retain the employer portion of the Social Security tax ordinarily remitted.
This bill is a reminder why so many businesses like yours entrust their payroll to ADP, the world’s leading provider for over 60 years. Not just a payroll provider – ADP is committed to assisting you with compliance so that you can focus on your business.
Attached is a copy of Eye on Washington, an update that ADP provides our clients and partners. It is a great example of the insights we offer to clients. I thought you would find it to be a clear summary of the legislation. For more details, you can also visit www.adp.com/jobtaxcredit for more information.
Additional info from CPA mag here.