Revised Form 941 Available

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via Journal of Accountancy

The IRS has posted a revised version of Form 941, Employer’s Quarterly Federal Tax Return, as of May 18th.

The new form and instructions detail how to claim the payroll tax exemption for new workers hired in 2010.  The Hiring Incentives to Restore Employment Act (HIRE Act) created a payroll tax exemption for employers who hire workers who have been unemployed for at least 60 days and who are not replacement hires. Employers can claim an exemption equal to the employer’s share of Social Security taxes on wages paid in 2010 after March 19th.

In order to claim this payroll tax exemption, the employee must have signed Form W-11, Hiring Incentives to Restore Employment (HIRE) Act Employee Affidavit.

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