Two New Tax Benefits for Employers

Aimed at providing hiring incentives to restore some of the jobs lost in the latest economic recession, and to help put Americans back to work as soon as possible, the IRS recently updated language in the HIRE (Hiring Incentives to Restore Employment) Act, which offers employment tax incentives to businesses, established in March 2010.

This new $17.5 billion legislation (scaled down from an earlier $150 billion package) is of particular interest to businesses as it includes new tax benefits directly related to hiring employees and writing off investments in business equipment.