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Nonprofits Eligible for Payroll Tax Forgiveness for Hiring Unemployed Workers

by Brenda Peluso

Earlier today President Obama signed into law the Hiring Incentives to Restore Employment Act (HIRE Act) that, among other things, includes temporary tax incentives to encourage employers to hire new workers. The new law allows nonprofits and other employers to keep the 6.2 percent payroll taxes on certain new hires. The incentive is only available for a short time and it applies to only certain newly hired workers. Go here for more information.

This payroll tax forgiveness provision expires at the end of the year, so organizations in the position to actually hire more staff will save more the sooner they hire eligible unemployed workers.

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