Gary Bode, CPA: if you need help filing IRS Form 941X to get a tax refund via the HIRE Act, please consider calling us at (910) 399-2705
Maybe you or your payroll accounting service missed applying the HIRE Act? If you had qualifying employees, but didn’t catch the 6.2% payroll tax savings on the first swing, you can recoup that loss by filing IRS Form 941X. There is still time for a tax refund.
Hi, I’m Gary Bode, a local Wilmington NC CPA who supervises our firm’s payroll accounting service. The Hire Act is the best employer tax break ever offered by the IRS. For wages paid to qualified employees from 3/19/10 to 12/31/10, employers save their 6.2% matching Social Security component otherwise required to be paid. So, if you paid qualifying gross payroll of $50,000, you didn’t have to pay $3,100 of Social Security taxes! Some companies hired qualified workers after 2/4/10 but didn’t realize the incredible savings this triggered.
Filing IRS Tax Form 941X to get your Tax Refund
All four 2010 quarterly Form 941(s) can be corrected if you didn’t catch this 6.2% Social Security / HIRE Act payroll tax savings when you originally filed. Generally you have three years to correct a previously filed Form 941. Make sure your employees are qualified and obtain an IRS tax Form W11 for your files first. Make sure Box 23 on IRS Form 941X is checked to indicate your claim is based on reclassified employees.
If you need a free initial consult with a Wilmington NC CPA Firm that offers payroll accounting services, please consider calling us at (910) 399-2705. Although we offer full payroll services, our philosophy is to make your company as self sufficient as it wants to be. Sometimes a little payroll training is all you need when you’re protected by our safety net of support.
