New HIRES Act’s Tax Exemption Component Promises Benefits for Employers and Workforce
By Kate Robinson, CPA
The effects of the recession have been wide-ranging and deep, with some estimating that 8.4 million jobs have been lost. To help remedy this, Congress and the President signed into law the Hiring Incentives to Restore Employment (HIRE) Act on March 18, 2010. HIRE puts real incentives in the form of immediate cash flow into the hands of private sector employers, encouraging them to create jobs and hire new employees in 2010, with special focus on people unemployed for at least two months.
HIRE is a $17.5 billion initiative that includes tax cuts, business credits, and subsidies for state and local construction bonds. According to President Obama, HIRE will serve to promote a strong, dynamic private sector.
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SB&F Recent News
EFAST 2 – The ERISA Filing Acceptance System is finally here! It’s time to electronically file Form 5500 for your benefit plan. The filing deadline for December plan year-end, without extension, is August 2, 2010.
Earlier in the year SB&F visited with you regarding the procedures for obtaining your signing credentials. These credentials are required in order for you to review, sign and e-file your return. (Continued…)
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By Emily Adams, CPA
New laws in 2010 have changed Individual Retirement Account (IRA) guidelines, allowing easier conversion of your retirement assets into a Roth IRA, a modified version of the Traditional IRA – but there are a few things to consider before committing to conversion. (Continued…)