The Internal Revenue Service (IRS) is now offering two new tax benefits for employers who hire workers who had previously been unemployed or working part time.
According to details announced by the IRS, employers who hire unemployed workers after Feb. 3, 2010 and before Jan. 1, 2011 may qualify for a 6.2-percent payroll tax incentive.
In addition, for each new previously unemployed worker retained on their payroll for at least one year, employers may claim an additional general business tax credit of up to $1,000 per worker when they file their 2011 income tax returns.
According to the IRS, businesses, agricultural employers, tax-exempt organizations and public colleges and universities all qualify for the new benefits, but home-based employers do not.
"These tax breaks offer a much-needed boost to employers willing to expand their payrolls, and businesses and nonprofits should keep these benefits in mind as they plan for the year ahead," said IRS Commissioner Doug Shulman in a press release.
Both of the new tax benefits were authorized under the Hiring Incentives to Restore Employment (HIRE) Act, enacted on March 18.
Complete details on the new tax benefits can be found on the IRS Web site at: http://www.irs.gov/newsroom/article/0,,id=220326,00.html