Earlier in the year, you may have read that employers who hire unemployed workers between February 3, 2010 and January 1, 2011 may be eligible for a payroll tax credit.  (If you missed it, see the “Implementing the Hiring Incentives to Restore Employment Act” blog.)

If you are a qualified employer (household employers don’t count) and hired one or more workers who met the criteria, make sure they complete and sign IRS Form W-11. To qualify, your new hires must not have worked more than 40 hours in the past 60 days. You don’t need to do anything with your W-11 for now, just keep it with your payroll records.

You will also need to complete the IRS’s revised Form 941 and calculate your exemption on lines 6a through 6d.  Instructions are available for this form, but if you need additional help, or if you need a CPA in the Jacksonville area, give us a call at (904) 396-5400.

 This tax change is actually good news for your business—we’ll make sure you take full advantage of it.

Filed under: Tax by Lynn Barwell