SOURCE: Marks Paneth & Shron LLP

Marks Paneth & Shron LLP

April 26, 2010 10:19 ET

Marks Paneth & Shron (MP&S) Discusses Key Features of the Hiring Incentives to Restore Employment (HIRE) Act

MP&S Tax Group Available to Comment on Incentives for Hiring and Retaining Workers as Well as Purchasing Equipment and Other Business Assets Under HIRE; MP&S Also Available to Discuss the Heightened Disclosure Requirements for Foreign Accounts That Have Been Imposed Under HIRE

NEW YORK, NY--(Marketwire - April 26, 2010) -  The Tax Group of the leading New York-area accounting firm Marks Paneth & Shron LLP has authored a client alert on the Hiring Incentives to Restore Employment (HIRE) Act, which was signed into law on March 18, 2010 and provides employers with tax incentives to hire and retain workers, as well as purchase equipment and other business asset needs.

In addition, HIRE includes new measures that heighten disclosure and reporting requirements for foreign accounts. 

Some of the key HIRE Act implications discussed in the MP&S client alert include:

  • Qualified employer exemption from paying the Social Security portion of Federal Insurance Contribution Act (FICA) taxes on certain new hires
  • The increased extension in the Section 179 limit for initial year expensing
  • New reporting requirements for foreign institutions and the withholding obligation that will be imposed for non-complying institutions
  • Other provisions including those impacting tax credit bonds and highway and transit programs

The full text of the April 2010 MP&S Tax alert on the Hiring Incentives to Restore Employment (HIRE) Act can be found at:
http://www.markspaneth.com/AUL/data/3/Publications/637.HIRE%20Tax%20Alert%20(04)%20FINAL.pdf.

To speak with the Marks Paneth & Shron Tax Group about issues related to the Hiring Incentives to Restore Employment (HIRE) Act, please contact Itay Engelman of Sommerfield Communications at 212.255.8386 or via email at itay@sommerfield.com.

About Marks Paneth & Shron

Marks Paneth & Shron LLP is an accounting firm with nearly 475 people, of whom 64 are partners and principals. The firm provides businesses with a full range of auditing, accounting, tax, bankruptcy and restructuring services as well as litigation and corporate financial advisory services to domestic and international clients. The firm also specializes in providing tax advisory and consulting for high-net-worth individuals and their families, as well as a wide range of services for international, real estate, media, entertainment, nonprofit, professional and financial services and energy clients. Visit www.markspaneth.com for more information.

MP&S Tax Group

With more than 100 tax professionals -- approximately 15 of whom are partners and principals -- the Marks Paneth & Shron Tax Group is a recognized provider of tax services to partnerships, corporations, trusts and estates, tax-exempt organizations as well as high-net-worth individuals, their families and their charitable interests.

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