Employer Social Security Tax Exemption

April 1, 2010, 10:51 am

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The IRS has released regulations for the HIRE Act (Hiring Incentives to Restore Employment). It was enacted March 18, 2010 and potentially provides two tax benefits to employers who hire certain previously unemployed (qualified) workers.

The first benefit is the exemption from the employers 6.2% share of the social security tax. According to the IRS website, a qualified employee is one who is hired after February 3, 2010, has been unemployed or employed for less
than 40 hours during the 60 days period prior to starting employment, and who are not family members or related in other ways to the employer. Visit the IRS web site at www.irs.gov for the Form W-11 and the full definition of a qualified employee.

The second benefit is a general tax credit referred to as a new hire retention credit of 6.2% of the wages paid during the first 52 weeks of employment of a qualified employee up to a maximum credit of $1,000. The tax credit could be claimed on the employer’s tax return for the 2010 tax year.

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Health Insurance Tax Credits

April 1, 2010, 1:30 pm

≫ Next: Massachusetts Fair Share Contribution Report

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Are you providing health insurance for your employees? Recently enacted legislation can generate tax credits for your business. The Patient Protection and Affordable Care Act provides credits up to 35% of premiums paid in 2010. Generally, companies that pay at least 50% of the premiums for some of its employees, have less than 25 full time equivalents, and average wages under $50,000 may qualify.

Visit the IRS web site at www.irs.gov for more information and a simple 3 step worksheet to determine if you qualify.

Massachusetts Fair Share Contribution Report

April 1, 2010, 1:42 pm

≫ Next: Upcoming Seminar: Financial Planning and Budgeting for a Smaller Business

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Companies reporting 11 or more employees on their quarterly Unemployment Insurance filings may be required to file the quarterly FSC (Fair Share Contribution) report. Timely filing periods are the first 45 days of each quarter, and any contribution to be paid is due on the 15th of February,
May, August and November.

For more detailed instructions or to file these reports visit the DUA web site.

Upcoming Seminar: Financial Planning and Budgeting for a Smaller Business

August 1, 2011, 2:18 pm

≪ Previous: Massachusetts Fair Share Contribution Report

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Developing a Roadmap To Your Company’s Financial Success

Join me for an upcoming seminar covering the key components to creating a financial plan for your business. You will leave the seminar with a checklist of items to consider, and a template to help organize and evaluate the results of your financial plan.

Remember, it has been said that companies don’t plan to fail, they fail to plan. Get started on your company’s roadmap to financial success.

RSVP: 508-339-5655
Date: August 10th, 2011
Time: 7:45am-9:00am
Location: Tri-Town Chamber of Commerce in the Job Guy Conference Room
Cost: Free to Tri-Town Chamber Members / $10 for Guests

Bio: Randy T. Smith has over thirty-five years of financial management experience holding positions as controller, treasurer, chief financial officer and chief operating officer in both public and private companies. He is a graduate of Babson College and the Center for Financial Studies at Fairfield University. Since 1994, Randy has been working with the owners of companies ranging in size from start-ups to $30 million in sales revenue. His company, Management Financial Services, provides CFO services and small business financial consulting on an as needed basis for organizations in Southeastern Massachusetts, including Mansfield, Norton, Foxboro, Attleboro, North Attleboro, Walpole, Franklin, Brockton, Dedham, Norwood, Cape Cod and the Islands, and Providence, RI.

For more information, visit the Tri-Town Chamber website.