CB&H Webinar: The Impact of the HIRE Act and Health Care Reform on Nonprofits
Join us as we clarify how this recent legislation will affect your organization Earlier this year, President Obama signed into law significant pieces of legislation – the Hiring Incentives to Restore Employment (HIRE Act) and the Health Care Reform legislation (consisting of both the The Patient Protection and Affordable Care Act and the Health Care and Education and Reconciliation Act) – that will impact not-for-profit organizations from a tax perspective . Join us for this webinar as we discuss the following: What temporary tax credits does the HIRE Act offer to encourage job growth? How does a nonprofit employer qualify for or claim these credits? Which employers are eligible for the small employer health insurance. Read More.
Foreign Asset Reporting and Related Statute of Limitations Under the HIRE Act
On March 18, 2010, President Obama signed into law new legislation aimed at job creation called the Hiring Incentives to Restore Employment (HIRE) Act. This legislation is estimated to cost $18 billion and is to be paid for, in part, by tighter enforcement and increased reporting requirements around foreign financial activities. Among these changes are the new requirements for reporting foreign financial assets and Passive Foreign Investment Companies (“PFICs”) as well as changes to the statute of limitations for the assessment of tax if taxpayers fail to report complete information related to their foreign activities. New Reporting for “Specified Foreign. Read More.
HIRE Act Extends Increased Section 179 Expensing Election
As an incentive for business investment in capital and equipment, the Hiring Incentives to Restore Employment (HIRE) Act includes a provision that extends the previous one-year increases in the maximum amount that a business taxpayer may deduct for the cost of such an investment under Sec. 179. Under this new provision, the maximum amount that a taxpayer may expense under Sec. 179, for tax years beginning after 2009 and before 2011, is $250,000 of the cost of qualifying property placed in service for the tax year. The $250,000 is reduced (but not below zero) by the amount by which the cost of qualifying property placed in service. Read More.
HIRE Act Offers Employee Retention Credit to Qualified Employers
The Hiring Incentives to Restore Employment (HIRE) Act provides qualified employers with a new tax credit for retaining certain qualified employees. This provision is intended to encourage businesses and tax-exempt entities to hire and retain employees, and is generally applicable for 2010. DEFINITIONS Qualified Employers are any employer other than the United States, any state, any local government, or any instrumentality of the preceding. However, a qualified employer will include any public higher education institution. Qualified Employees who meet the following criteria are considered retained workers for this credit: Begin employment after February 3, 2010, and before January 1, 2011 Certify, by signed affidavit under penalties of. Read More.
HIRE Act Creates a Payroll Tax Holiday for Qualified Employers
The Hiring Incentives to Restore Employment (HIRE) Act provides a Payroll Tax Holiday for hiring and retaining previously unemployed workers. This provision applies to wages paid beginning after March 18, 2010, and ending on December 31, 2010. Qualified employers are forgiven their 6.2 percent share of the “old age, survivors, and disability insurance (OASDI)” component of Social Security payroll taxes for qualified employees performing services in a trade or business. For purposes of this provision, a qualified employer is any employer other than the United States, any state, any local government, or any instrumentality of the preceding. However, a qualified employer will include any public higher education. Read More.
HIRE Act Introduces Several New Tax Incentives to Spur Job Growth
Last week, President Obama signed into law the Hiring Incentives to Restore Employment (HIRE) Act (HR 2847). The law includes several major tax provisions designed to promote job growth as the nation’s economy continues to recover from recession. HIRE NOW TAX CUT The “ Hire Now Tax Cut ” provides $13 billion in tax breaks to qualified employers both in the form of payroll forgiveness for Social Security taxes paid for qualified new hires, as well as a tax credit for keeping those employees on payroll for 52 consecutive weeks. Social Security Tax Forgiveness Qualified Employer – The HIRE Act defines a qualified employer. Read More.