For your reference, here's a look at the many legal implications of President Obama's Hiring Incentives to Restore Employment Act (HIRE Act) signed into law on March 18, 2010:
The HIRE Act: A JD Supra Business Law Brief
Hiring Incentives To Restore Employment Act Signed Into Law
...The Act exempts a qualified employer from paying the employer's share of the social security employment taxes (6.2 percent of the first $106,800 of wages) for wages paid in 2010 for any new employee hired after February 3, 2010, and before January 1, 2011, if the new employee (1) was previously unemployed and (2) does not replace another employee of the employer.
[By: Fox Rothschild | In: Labor & Employment Law]
Why Employment History Matters More for 2010 New Hires
...A qualified employee under the HIRE Act is an individual who: began employment with a qualified employer after February 3, 2010, and before January 1, 2011; has been unemployed or employed for less than 40 hours during the 60-day period ending on the date employment relating to the exemption begins; is not a family member of or related in certain other ways to the employer; and is not hired to replace another employee, unless that other employee was terminated for cause or quit voluntarily.
[By: McAfee & Taft | In: Labor & Employment Law]
Significant Tax Changes in Recently-Enacted "HIRE Act"
...The Act extends provisions from the American Recovery and Reinvestment Act of 2009 (the "Recovery Act") that double the amount small businesses can immediately write off their taxes for capital investments and purchases of certain capital expenditures made in 2010 from $125,000 to $250,000 under Internal Revenue Code Section 179.
[By: Sheppard Mullin Richter & Hampton LLP | In: Tax Law]
President Signs HIRE Act - Provides For Business Tax Incentives and New Withholding and Reporting Requirements For Foreign Financial Institutions
...The Act also includes a revenue offset imposing new withholding and reporting obligations on foreign financial institutions in an effort to combat the failure of U.S. persons to report income through the use of foreign financial accounts.
[By: Edwards Angell Palmer & Dodge | In: International Law & Trade]
HIRE Act Allows Direct Subsidies for Issuers of Certain Qualified Tax Credit Bonds
...The HIRE Act allows issuers of certain QTCBs to receive direct subsidy payments, not unlike those already available to issuers of Build America Bonds (BABs) and Recovery Zone Economic Development Bonds.
[By: Edwards Angell Palmer & Dodge | In: Finance & Banking]
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Additional HIRE Act commentary & analysis:
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The HIRE Act: A JD Supra Business Law Brief
Hiring Incentives To Restore Employment Act Signed Into Law
...The Act exempts a qualified employer from paying the employer's share of the social security employment taxes (6.2 percent of the first $106,800 of wages) for wages paid in 2010 for any new employee hired after February 3, 2010, and before January 1, 2011, if the new employee (1) was previously unemployed and (2) does not replace another employee of the employer.
[By: Fox Rothschild | In: Labor & Employment Law]
Why Employment History Matters More for 2010 New Hires
...A qualified employee under the HIRE Act is an individual who: began employment with a qualified employer after February 3, 2010, and before January 1, 2011; has been unemployed or employed for less than 40 hours during the 60-day period ending on the date employment relating to the exemption begins; is not a family member of or related in certain other ways to the employer; and is not hired to replace another employee, unless that other employee was terminated for cause or quit voluntarily.
[By: McAfee & Taft | In: Labor & Employment Law]
Significant Tax Changes in Recently-Enacted "HIRE Act"
...The Act extends provisions from the American Recovery and Reinvestment Act of 2009 (the "Recovery Act") that double the amount small businesses can immediately write off their taxes for capital investments and purchases of certain capital expenditures made in 2010 from $125,000 to $250,000 under Internal Revenue Code Section 179.
[By: Sheppard Mullin Richter & Hampton LLP | In: Tax Law]
President Signs HIRE Act - Provides For Business Tax Incentives and New Withholding and Reporting Requirements For Foreign Financial Institutions
...The Act also includes a revenue offset imposing new withholding and reporting obligations on foreign financial institutions in an effort to combat the failure of U.S. persons to report income through the use of foreign financial accounts.
[By: Edwards Angell Palmer & Dodge | In: International Law & Trade]
HIRE Act Allows Direct Subsidies for Issuers of Certain Qualified Tax Credit Bonds
...The HIRE Act allows issuers of certain QTCBs to receive direct subsidy payments, not unlike those already available to issuers of Build America Bonds (BABs) and Recovery Zone Economic Development Bonds.
[By: Edwards Angell Palmer & Dodge | In: Finance & Banking]
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Additional HIRE Act commentary & analysis:
- HIRE Act -- The New Hiring Incentives ... by Sands Anderson PC
- New Tax Incentives for Hiring and Retaining Employees ... by Warner Norcross & Judd
- Why It Might Be a Good Idea to HIRE Additional Employees This Year ... by Cole Schotz
- Tax Relief for Your Business in 2010 ... by Doron Eghbali
- Tax Benefits to Employers (the new HIRE Act) ... by John LaBar
- Nonprofits and the Hiring Incentives to Restore Employment Act ... by Antonio "Tony" Arocho
- "Show Me the Money". . . President Signs the HIRE Act ... by Miller & Martin PLLC
- IRS Issues Employee Affidavit for the HIRE Act ... by Ford & Harrison LLP
- The Hire Act ... by Armstrong Teasdale LLP
Follow JD Supra's HIRE Act RSS feed for future updates.
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Related:
- On JD Supra: Labor & Employment Law | Tax Law
- On Facebook: Business Law | Tax Law
- On Twitter: @Tax_Alerts | @Biz_Law
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