Hire a Veteran Before the Year Closes!

As a reminder of the significant tax credits for hiring veterans this year, we are resending our previous communication in the event you intend on hiring any additional employees and want to take advantage of the Work Opportunity Credit before it expires at year end.

 

If you are contemplating hiring employees that are Veterans, you need to read this email....

On November 21, 2011, the President signed into law the VOW to Hire Heroes Act of 2011. This new law provides an expanded work opportunity tax credit to businesses that hire eligible unemployed veterans and for the first time also makes part of the credit available to tax-exempt organizations.

Businesses can claim the credit as part of the general business credit and tax-exempt organizations can claim it against their payroll tax liability. The credit is available for eligible unemployed veterans who begin work on or after November 22, 2011, and before January 1, 2013.  (Source:  www. irs.gov)

For the latest on the credit, please click on the following link:

Please click for more information 

  

As always, should you have any questions, please feel free to contact your trusted advisor at DiSanto Priest & Co.  

401.921.2000

IRS Issues Q&A for Additional Medicare Tax Beginning in 2013

Last week, the IRS published questions and answers designed to assist both employers and payroll service providers in applying the new additional Medicare tax that will take effect on January 1, 2013. 

The Additional Medicare Tax applies to individuals' wages, other compensation, and self-employment income over certain thresholds. Employers are responsible for withholding the tax.

For further details, please click on the IRS link below.

IRS Q&A for the Additional Medicare Tax 

As always, should you have any questions, please feel free to contact your trusted advisor at DiSanto Priest & Co.  

401.921.2000