New Form 941 Allows Biz Owners to Claim HIRE Act Exemption

Business owners who are able to take advantage of the HIRE Act can now access a revised Form 941 on the IRS website that allows them to claim the Act’s payroll tax exemption for wages paid to qualified employees.

The Act became law on March 18. Two of its provisions aimed at job creation include (1) exempting eligible employers from the matching Social Security portion of the payroll tax for workers they’ve hired between February 3, 2010 and December 31, 2010 and (2) a tax credit for employers who retain those workers hired under the Act for at least one year. Workers who are hired under these conditions must certify that they have been “substantially” unemployed for at least 60 days prior to the date of hire.

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About Smart Companies Thinking Bigger®

Kelly Scanlon is the owner and publisher of Thinking Bigger Business Media. She recently finished a term on the national board of directors of the National Association of Women Business Owners, and was the national chair from 2010-2011. An advocate for small business owners, Kelly sits on numerous boards and committees to advocate on behalf of small business owners. She has won several awards for her advocacy. Among them are the 2011 United Nations NGO Positive Peace Award on behalf of Kansas City area small business owners, the U.S. Small Business Administration's Region VII Women's Business Champion of the Year in 2009, and the Women in Business Advocate of the Year from the State of Kansas in 2006. In 2002, she won the SBA's Region VII Small Business Journalist of the Year Award (Missouri, Iowa, Nebraska, Kansas). Whatever your business stage—aspiring, startup, established, mature—Thinking Bigger Business Media has the resources you need to grow to the next level. We are a resource organization dedicated to providing the strategic, "how-to" information small business owners need to become more productive and more profitable. We also provide information that helps owners connect with resources within the business community that can help them grow. We deliver that information through a variety of media products and other channels easily accessible to business owners.
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