HIRE Act - Tax Credits Available to Hiring Employers

Online, May 19, 2010 (Newswire.com) - Loveland, Colo. - Employer Solutions Group (www.esghr.com), a human resources outsourcing company that serves businesses of all types and sizes, wants to ensure that local employers are aware of a recent change in legislation that can benefit them financially. With multiple law changes that seem to be occurring on a daily basis, it's not surprising that headlines don't always capture every new piece of legislation. However, one recent change in employment law seems to have been overlooked.

On March 18th, 2010, the Hiring Incentives to Restore Employment (HIRE) Act was signed into law to create incentives for employers to hire unemployed workers. The HIRE Act contains two significant tax benefits for employers:
A payroll tax holiday on the employer portion of the Social Security tax; and
Credit on taxes for new hires that are retained for 52 weeks.

Employers are able to participate in this benefit if they hire someone who has worked less than 40 hours in the last 60 days AND if the new hire represents an addition to their workforce or as a replacement for someone who quit or was fired for cause. The employee must be hired after February 3, 2010 and before January 1, 2011. If such employees are retained continuously for 52 weeks, employers can take a tax credit on their 2011 corporate taxes for the lesser amount, either the Social Security tax saved on that employees' wages, or $1,000.

For more information on how to take advantage of the HIRE Act, employers are invited to contact a Human Resources Consultant at Employer Solutions Group (ESG) at 970-612-2022 (toll free 888-810-8187).

Helping employers understand and manage the impact of legislation on their organizations is just one of the ways that ESG helps local business owners navigate through the business of being an employer. For more information on this and other important issues for employers, please visit www.esghr.com.

About Employer Solutions Group
Employer Solutions Group (ESG) enables its clients to cost-effectively outsource the administration of human resources, employee benefits, payroll and related tax compliance, and Workers' compensation. Specializing in these specific employer needs allows ESG to efficiently deliver a tailored package of services to its clients. ESG clients are then able to focus on growing and operating their businesses, rather than worrying about HR. The company's Loveland, Colorado-based professional staff serves companies that range in size from a handful of employees to hundreds. ESG is a member of the National Association of Professional Employer Organizations (www.napeo.com). For more information, visit www.esghr.com, email [email protected] or call 970-612-2022.