If you took advantage of the HIRE Act tax credit last year, you may be eligible for the HIRE Retention credit on your 2011 business tax return.
The HIRE retention credit is a general business credit to encourage retention of new hires and will be claimed on the employers income tax return. The amount of the credit is the lesser of $1000 or 6.2 percent of wages (as defined for income tax withholding purposes) paid by the employer to the retained qualified employee during the 52 consecutive week period. The qualified employees wages for such employment during the last 26 weeks must equal at least 80% of wages for the first 26 weeks. Click here for the FAQs http://www.irs.gov/businesses/small/article/0,,id=220747,00.html.
If you qualify for this tax credit, tell your CPA or tax preparer when you have your business tax return done.