Farmington, CT March 22 -- CMS, a leading
provider of Employer Solutions, including iRecruit, CMS’s Employment Tax
Credit (WOTC) processing services, Sage Software HR, payroll and
benefits administration, announced it is ready to assist its clients
with specific statutory and other compliance requirements associated
with the Federal HIRE Act. The Hiring Incentives to Restore Employment
(HIRE) legislation was recently passed by Congress and was signed into
law by President Obama on March 18th, 2010.
"The
intent of the HIRE Act by Congress and the Administration is to
reinvigorate the workforce," said Brian Kelly, President of CMS. "While
these measures will certainly be welcomed by employers, staying
compliant in this complex and quickly changing business environment can
be a burden for companies of all sizes. CMS is committed to making it
easy for clients to remain compliant while reducing expenses and
increasing cash flow."
CMS helps clients understand and take
advantage of complex employment-related tax credit legislation such as
the job creation provisions within the HIRE Act. The HIRE Act eliminates
the current 6.2 percent employer Social Security tax for eligible new
hires, generating immediate savings that will positively impact an
employer's bottom line. In order to obtain the credit, it also requires
any new hire to certify his/her previous employment status by signed
affidavit. Additionally, companies are afforded either a significant
income tax credit of $1,000 per qualifying worker once the worker is
employed for at least 52 consecutive weeks, or 6.2% of wages paid to the
qualifying worker over the 52-week period, whichever is less.
For clients of all sizes already using Sage Abra's payroll systems and
whose new employees are eligible under the HIRE Act, Sage Software is
implementing changes to their product offerings to help organizations
comply with the HIRE Act and will reflect the legislative changes in an
upcoming release.
Combine this new Hire Act legislation with
CMS WOTC services and business stands to potentially save up to
$9,021.00 per new hire who has been without full-time employment for at
least 60 days.
CMS's
offering includes:CMS WOTC service performs a
complete solution for employers to take advantage of the Federal
Employment Tax Credits available. CMS provides pre-screening for all new
hires to identify eligible employees, and performs all correspondence to
state and federal agencies for employers to maximize the tax credits
savings, tax credits can be as much as $6,000 per new employee. For more
information and to obtain an estimate of a company's potential savings,
please visit
www.cmswotc.com or
call 1-800-517-9099.
Labels:
CMS Federal HIRE Act,
Sage Abra Payroll,
Work Opportunity Tax Credits
