Hot off the IRS Newswire!
Today, the IRS issued a new Form 941, especially revised to accommodate the HIRE Act’s 2010 payroll tax exemption program. For more information about the payroll tax exemption, see my previous posts right here on the WOTCPlanet.com. Click here for a collection of posts on this topic.
Here are some excerpts from today’s IRS announcement.
WASHINGTON — The Internal Revenue Service has issued the newly revised payroll tax form that most eligible employers can use to claim the special payroll tax exemption that applies to many new workers hired during 2010.
and. . .
Form 941, Employer’s QUARTERLY Federal Tax Return, revised for use beginning with the second calendar quarter of 2010, will be filed by most employers claiming the payroll tax exemption for wages paid to qualified employees. The HIRE Act does not allow employers to claim the exemption for wages paid in the first quarter but provides for a credit in the second quarter. The instructions for the new Form 941 explain how this credit for wages paid from March 19 through March 31 can be claimed on the second quarter return.
For more information, please call me at 888-655-5281, extension 101. Or email me at vah@WOTCPlanet.com.