Hiring Incentives to Restore Employment Act - An Analysis

Hiring Incentives to Restore Employment Act - An Analysis

This article discusses the tax provisons of H.R. 2847, which was signed into law by President Barack H. Obama on March 18, 2010 and enrolled as Public Law 111-147. Although a key focal point of the legislation was extending jobs, there were numerous tax provisions. Throughout the article, the legislation is referred to as th "Act."

The legislative history of the Act, along with an additional analysis of the Act titled New Jobs Bill's Tax Provisions Favor Employers, written by Patricia Hughes Mills, can be found within the 2010 Legislation and Analysis file located on lexis.com and LexisNexis Tax Center.


Table of Contents

§1.00                Introduction

§1.01                Payroll Tax Forgiveness for Hiring Unemployed Workers [Act § 101]

§1.02                New Business Credit for Retention of Newly Hired Individuals in 2010 [Act § 102]

§1.03                Increase in IRC Section 179 Expensing for 2010 [Act § 201]

§1.04                Refundable Credit for Certain Qualified Tax Credit Bonds [Act § 301]

§1.05                Time for Payment of Corporate Estimated Taxes [Act § 561]

§1.06                 Delay in Application of Worldwide Allocation of Interest Rules [Act § 551(a)]

§1.07                 New Reporting Requirements on Foreign Accounts [Act § 501]

  1. In General
  2. Withholding Required on Withholdable Payments to Foreign Financial Institutions
  3. Withholding Required on Withholdable Payments to Non-Financial Foreign Entities
  4. Credits and Refunds
  5. Effective Date

§1.08                 Repeal of Certain Foreign Exceptions to Registered Bond Requirements [Act § 502]

§1.09                 Information Reporting Requirements Foreign Financial Assets [Act § 502]

§1.10                 New Penalty for Underpayments Attributable to Undisclosed Foreign Financial Assets [Act § 512]

§1.11                 Extension of Statute of Limitations for Significant Omission of Income in Connection with Foreign Assets [Act § 513]

§1.12                 Reporting of Activities with Respect to Passive Foreign Investment Companies [Act § 521]

§1.13                 Electronic Returns by Financial Institutions Related to Withholding on Foreign Transfers [Act § 522]

§1.14                 New Provisions Related to Foreign Trusts [Act §§ 531-535]

§1.15                 Substitute Dividends and Dividend Equivalent Payments Received by Foreign Persons Treated as Dividends [Act § 541]

§1.16                 Highway Trust Fund Provisions [Act §§ 441-445]


View the complete analysis by Gerald W. Paulukonis in PDF: Hiring Incentives to Restore Employment Act: An Analysis