Gadsden, Ala. (PRWEB) April 6, 2010
On March 18th, 2010 President Obama signed the Hiring Incentives to Restore Employment (HIRE) Act into law, which contains several new Federal tax credits that many employers may be able to take advantage of. As a part of its comprehensive Federal and State tax credit services to their clients, TaxBreak has made the necessary adaptations to its system to accommodate these new credits and help their clients maximize overall tax credit potential. The HIRE Act impacts employers by providing an immediate payroll tax forgiveness and a long-term retention credit to employers for hiring certain qualified employees.
The HIRE Act allows for employer payroll tax forgiveness on 2010 wages, which will reduce payroll taxes and provide qualified employers an immediate increase in cash flow. It also provides employers with a Retained Worker Business Credit (retention bonus) for individuals hired after February 3, 2010 who have remained on the qualified employer's payroll for at least 52 consecutive weeks and have not worked more than 40 hours over the 60 days prior to the hire date. Several qualifications must be met and a signed self-attestation form must be completed to verify the fulfillment of the Act's criteria.
Many other new tax credits are being introduced by the current administration that could also provide businesses a tremendous increase in cash flow. TaxBreak will continuously track all government and legislative updates to ensure the compliance, accuracy and quality of our processing methods. We are committed to keeping our clients informed!
TaxBreak was founded in 1998 and is made up of an acclaimed team of tax attorneys, technology and financial executives committed to delivering tax credit consulting and processing to companies of all sizes. The Gadsden, Alabama-based organization boasts proprietary software and unique processing methods that enables them to accurately determine the tax credit eligibility of company employees, including those who qualify for work opportunity tax credits, disaster relief credits and geographic based credits, among others. For more information, visit TaxBreak online at http://www.taxbreakllc.com or http://www.nationaltaxcredit.com.
This press release was distributed through PR Web by Human Resources Marketer (HR Marketer: http://www.HRmarketer.com) on behalf of the company listed above.