Two New Tax Benefits Aid Employers Who Hire and Retain Unemployed Workers

IR-2010-33, March 18, 2010

"Two new tax benefits are now available to employers hiring workers who were previously unemployed or only working part time. These provisions are part of the Hiring Incentives to Restore Employment (HIRE) Act enacted into law today.

Employers who hire unemployed workers this year (after Feb. 3, 2010 and before Jan. 1, 2011) may qualify for a 6.2-percent payroll tax incentive, in effect exempting them from their share of Social Security taxes on wages paid to these workers after March 18, 2010. This reduced tax withholding will have no effect on the employee’s future Social Security benefits, and employers would still need to withhold the employee’s 6.2-percent share of Social Security taxes, as well as income taxes. The employer and employee’s shares of Medicare taxes would also still apply to these wages.

In addition, for each worker retained for at least a year, businesses may claim an additional general business tax credit, up to $1,000 per worker, when they file their 2011 income tax returns..." (more)

Contracting Opportunities

I've seen several announcements this week targeting businesses interested in contracting opportunities with city governments, so thought I'd help spread the word and list them here:

• 4/23/10, 9-11am, Denver International Airport Open Session for Small and Disadvantaged Businesses (link)
• 4/27/10, 1-6pm, Capitalizing on Contracting Opportunities with the City And County of Denver (link)
• 4/28/10, 1-4pm, Construction Business Opportunity Fair with City of Aurora (link)