Gary Steele, with our affiliated company Payroll Partners, has alerted us to an interesting opportunity. If your church or organization has hired new employees recently, you may be eligible for a tax refund! At our church breakfast last Thursday Gary told us the following:
“If you aren’t aware the HIRE Act was signed into law by President Obama March 18, 2010. Most tax reductions laws are a credit to Income Tax and therefore do not apply to churches. This one, however, does apply to churches because it is actually a reduction in the 6.2% Employer matching OASDI payroll tax (commonly referred to as FICA).
To qualify, an employer only has to have any employee hired after 2/3/2010 who did not work more than 40 hours in the 60 days immediately prior to his or her hire date to sign a W-11 IRS form to certify that fact. If this is done, then the Employer 6.2% matching QASDI tax is not paid on that individual for the remainder of 2010.”
For more information you can access a PDF at http://www.payrollpartners.com/Portals/0/HIRE%20Act%20Information%20file.pdf that details the new law.
If you think this might apply to you I would recommend you contact Gary at:
3001 Medlin Dr Suite 125
Arlington TX 76015-2370
817 467-9994 fax