Intuit Payroll Helps Small Businesses Navigate the HIRE Act
Up to $6,000 in Payroll Tax Credits Available
MOUNTAIN VIEW, Calif. – Mar. 18, 2010 – Intuit Inc. (Nasdaq: INTU) will make it easy for small businesses to take advantage of the newly passed HIRE Act.
The company's payroll service will be updated to help ensure that the more than 1 million businesses using Intuit Payroll Services get every penny of the new tax credits for which they are eligible. In addition, Intuit will help new employers efficiently hire and pay their first employee.
Intuit's new Small Business Employment Index, released earlier this month, shows that employment at small businesses with fewer than 20 employees is already improving. Employment grew nearly 0.8 percent since June 2009, which is nearly 150,000 new jobs. The HIRE Act is expected to continue helping these smallest of small businesses get the help they need.
Helping Business Get Tax Credits
The HIRE Act offers qualified employers a temporary payroll tax break for hiring qualified previously unemployed workers. It also includes an increased business tax credit for retaining qualified workers at least 52 weeks. The benefits can be substantial: up to $6,621 in payroll tax credits and up to $1,000 in business tax credits per eligible employee.
The payroll tax credits are delivered to eligible employers through reduced social security taxes, which will lower payroll taxes for the employer. After legislation is enacted and the IRS releases guidelines, Intuit will update its payroll services to support these changes. Intuit payroll professionals keep up with changing payroll requirements, such as the HIRE Act, year round so customers can focus on what matters most.
Intuit will continue to post the latest information for customers at www.usepayroll.com/HireAct.
Helping Hire and Pay Employees
More than 600,000 businesses hire their first employee each year, and that number may grow with the new hiring tax credits. Intuit will guide these first-time employers through the transition from business owner to employer by offering free copies of "Hire Your First Employee," by Rhonda Abrams, which helps entrepreneurs find, choose and lead great people. Businesses that are hiring or getting ready to hire can get a free copy, a $24.95 value, for a limited time at www.IntuitInc.com/hire.
Intuit is also offering a free 30-day trial of Intuit Online Payroll to help small businesses pay employees, whether they're hiring "employee number one" or 21.
"Our payroll services can help small businesses efficiently pay employees and get the tax credit dollars they are eligible for," said Cameron Schmidt, vice president of Intuit's Employee Management Solutions Division. "We're here to help customers efficiently claim the payroll tax credits by keeping ahead of payroll tax law changes and updating our services accordingly. In addition, we're committed to helping budding employers get off to a great start with hiring their first employee."
HIRE Act and Intuit Payroll: www.usepayroll.com/HireAct.
About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax®, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation offerings for professional accountants. Intuit Financial Services provides enhanced online banking solutions and unique insights to help banks and credit unions serve businesses and consumers with innovative solutions.
Founded in 1983, Intuit had annual revenue of $3.1 billion in its fiscal year 2009. The company has approximately 7,800 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found at www.intuit.com.
Intuit and the Intuit logo, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries.
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