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Newsflash: 2012 tax update is available for download: version 12.0.1. Please contact your customer service representative to check your account status and to order any checks, forms, and w2's.
Latest Info on the new Federal Form 941
Version 10.2.1 has been release and contains the new Federal Form 941. The new format was required by the IRS because of the recently passed Federal HIRE Act. The HIRE Act exempts certain employers from having to pay the EMPLOYER’s matching half of the Social Security Payroll Tax for certain types of employees. To qualify for that exemption under the HIRE Act, you must have met the following conditions:
- The employee must have started working for you AFTER February 3, 2010.
- The employee CANNOT be a Family Member or Relative.
- The employee cannot have been hired to REPLACE another employee UNLESS that employee left voluntarily or was fired for cause.
- The employee must sign an IRS Form W-11 certifying that he/she did not work anywhere at all for more than 40 hours during the 60 days before he/she was hired by you.
- Any employer other than the United States Government, a State, or a local government or a household employer can qualify for the HIRE Act exemption. Qualified employers include tax-exempt organizations and public institutions of higher education. If you are uncertain whether your business qualifies for the HIRE Act exemption, check this IRS web site.
If you need further instructions regarding the Federal Form 941, you can download it from our website. Please click here for the instructions on how to fill out the Federal Form 941.
Best regards,
Phoenix Accounting Corporation
866-581-0336