On May 18, 2010, the IRS issued a revised Form 941, known as the
Employer's Quarterly Federal Tax Return. Most eligible
employers can use Form 941 to claim the
HIRE Act payroll tax exemption for hiring qualified employees
after Feb. 3, 2010, and before Jan. 1, 2011. Form 941 and IR-2010-64, which announces the revised Form
941, are posted on the IRS website.
Form 941 is used to claim the payroll tax exemption for
qualified employees for the second, third, and fourth quarters of
2010. The HIRE Act does not allow employers to claim the exemption
for wages paid in the first quarter, but provides for a credit in
the second quarter.
For more information on the HIRE Act payroll tax exemption see:
IRS Issues HIRE Act Final Form W-11 and New
Q&As;
IRS Issues Revised Forms W-2 and W-3 for HIRE Act Changes;
and
IRS Issues Additional FAQs for HIRE Act.
