We have received numerous updates from the IRS since the March Issue of PayNotes and continue to monitor the IRS website on a daily basis. Included in the updates are:
- FAQ from IRS on HIRE
- New Form W-11 which is the Affidavit that employers must have the employees complete in order to comply with the regulations of the Act.
- The language of the Act itself.
We have been keeping our original article on HIRE updated with these new releases including the Wizard which can help you identify if any new hires qualify your company for the exemption. To access the article, click here.
For our Clients, there are a number of steps that need to be taken in order to ensure the employer Social Security Tax exemption is computed and reported correctly. PCS’s software is now updated to allow for the recording of HIRE Act events. If you have a qualified new hire to setup, here is what you need to do:
- Be sure to have the employee fill out and sign the Affidavit (W-11 ). Retain these records and do not send them to PCS.
- Notify your Client Account Manager via email or phone that you have an employee to apply the credit code to. Your Client Account Manager will make the appropriate notations and will take care of the employee coding for you at this time.
Again, we will be keeping this page up to date as new information is available, be sure to check back on a regular basis or contact your Client Account Manager for any assistance!
Legal Disclaimer: This article is intended for informational purposes only and by no means should replace or substitute other legal documents (governmental or non-governmental) reflecting similar content or advice. If you have any questions concerning your situation or the information provided, please consult with an attorney or an HR Professional.
Tags: Employer Tax Credits, HIRE Act, New Hire Tax Credit, New Hires, Social Security Tax Exemption, Tax Credits, Tax Exemptions
