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Onshore Jobs, Offshore Compliance: Tax Provisions In The Hiring Incentives To Restore Employment Act

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Executive Summary

Congress has approved and President Obama has signed into law a $17.6 billion jobs-creation package that offers tax incentives to employers who hire and retain workers, and extends the increased small-business expensing limits under section 179. The Hiring Incentives to Restore Employment (HIRE) Act is paid for primarily through new information reporting requirements, withholding requirements, and penalties to curb abuses of offshore financial accounts, and a delayed effective date for the worldwide interest allocation election. "Onshore jobs, offshore compliance: Tax provisions in the Hiring Incentives to Restore Employment Act" from Deloitte Tax LLP examines the tax provisions in the legislation and their tax planning implications for businesses and individuals.

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