Accessing
the HIRE Act Tax Credit
The Hiring Incentives
to Restore Employment (HIRE) Act was enacted into federal law on
March 18, 2010. The new law provides a 6.2 percent payroll tax exemption
to employers who hire unemployed workers. It also
provides a general business tax credit, up to $1,000 per worker, for employees
who are retained full-time for 52 weeks.
To
qualify for the tax credit, an employer cannot be the federal,
state or local government, or any government instrumentality (public institutions
of higher education can be employers under the Act). An employer
can only claim the tax benefits for a newly hired employee who has not
worked more than 40 hours during the 60-day period ending on the date that
employment begins. Employers will claim the credit on their 2011 income
tax returns and can carry the credit forward but not back. In addition,
the newly hired employee must sign Form W-11,
the HIRE Act Employee Affidavit. This document obtains a
statement from employees confirming their unemployed status, and must be
signed under penalties of perjury. Employers may use a similar statement
that provides the same information. The form's instructions do not discuss
providing the form to the IRS.
Other qualifications for employees in order
to receive the tax credit:
- Employee(s) must begin employment after February 3, 2010,
and before January 1, 2011.
- Employee(s) must not have been hired to replace an existing
worker unless the existing worker terminated employment voluntarily or
for cause.
- Employees must not be related to the qualified employer or
to anyone owning 50% or more of the stock or other capital of the employer.
The IRS has developed a FAQ section on
its website (www.irs.gov/businesses/small/article/0,,id=220745,00.html)
to explain the new tax benefits. The IRS has also revised a draft Form 941
for beginning the second quarter of 2010. Specifically, see Line 6a through
6e, plus line 12c through 12e. Lines 12c-e are for use or paid wages
only from March 19 to 31 and should not be used for the rest of the year.
Editor's Note: Although not in the text of the law, the IRS has told
various stakeholders that minors (under age of 18) could sign the affidavit.
In addition, rehires could sign the affidavit as well so long as they qualify
under the eligible employee definition.
Union
Pension Plans: Who Can Know What
In
March 2010, the Department of Labor published a final rule regarding
disclosure of certain documents about the union pension plans. Plan participants,
beneficiaries, union representatives, and contributing employers may request
the documents. The documents that may be requested include the following:
- Periodic actuarial reports and
certain suporting documents.
- Quarterly, semi-annual, or annual
financial reports prepared for the plan by any plan investment manager
or advisor
- Any application filed with the
Secretary of the Treasury requesting an extension under section 304 of
the Act or section 431(d) of the Internal Revenue Code of 1986 and the
determination of such Secretary pursuant to such application.
The plan administrator
may impose a reasonable charge for providing the documents. Various exceptions
do apply, such as plan administrators do not have to provide documents that
have been in their possession for less than 30 days, and documents that
have been in the administrator's possession for six years or more are excluded.
There are four national union pension plans that cover our industry. Below
is the contact information for each.
GCC/IBT National Pension Fund (formerly SRDF): (630) 871-7733
GCIU Employer Retirement Fund: (562) 463-5000
Graphic Arts Industry Joint Pension Trust: (202) 466-2507
CWA/ITU Negotiated Pension Fund: (877) 429-2488
Editor's Note: Unionized employers in national or local union pension
plans who are interested in this information should contact the plan's administrator
for more information and to make a request.
Workshare
Checks Delayed Due to Furloughs
If your company is participating in the Maryland
Workshare Program and your employees
have complained about delayed checks from the state, it may be due to
furloughs in the processing office. The state
assures callers that checks will be processed as soon as the state staff
can complete their work.
Never heard of Maryland WorkShare? This voluntary
program provides employers
with an alternative to layoffs:
instead of laying off a percentage of the work force to cut costs, an employer
can reduce workers' hours by the same percentage and keep the entire work
force on the job. Work Sharing offers many benefits to both employers and
workers. For employers it's a way to maintain high productivity and
quality because the existing trained work force remains in place. For workers,
the obvious benefit is keeping their jobs. Additionally, they can still
pursue advancement opportunities and other activities to further their skills.
Also, employees are not subject to the same conditions as those on regular
Unemployment Insurance such as making an active search for work or accepting
offers of suitable work from employers other than the Work Sharing employer.
Currently, 17 states in addition to the state of Maryland offer some type
of the program.
Did
You Miss the April 20th Healthcare Webinar?
Last month's Printing Industries of America
webinar, Responding
to Health Care Reform: Plan Design and Taxes,
is now available online. You can purchase and download
the broadcast anytime. The webinar addresses what employers
will need to do to implement the new law, with discussions
on such topics as Health Insurance Plan Design (what needs
to be added this year and in the years to come); Tax Provisions
for Businesses (small business tax credit); Employer Responsibility;
and more.
Cost is $49 for PGAMA Members/$99 for non-members.
Go to http://www.printing.org/node/6148 to
download the broadcast. Printing Industries of America login
and password required.
When
Women Own the Company
Women Presidents’ Organization
(WPO) and American Express recently released a list
of the 50 fastest growing privately held women-led companies
in North America. It’s a list that includes
a huge variety of companies which collectively,
generated a $2.3 billion in gross
revenues in 2009 and employed an average of 128 employees.
Despite their differences, there are key similarities in
these businesses. WPO president Marsha Firestone shared
a few observations about what unites the companies on the
list. Perhaps their success is linked to these characteristics?
-They’re generous with benefits-80%
provide health insurance, 72% provide both health and life
insurance, 86% have 401K plans, 52% provide tuition reimbursement,
56% allow telecommuting, and 50% have flextime.
-They know the value of a
good team-All
of them talked about the need for a highly skilled team
and two thirds sited that as key to their ability to grow
fast. They also noted that the three most significant
factors in hiring and keeping staff were: the company’s
positive reputation; competitive compensation; a flexible work
environment.
-They’re good at delegating-85%
rate themselves good or excellent at delegating.
-They hold on to ownership-68%
of the women on the list own between 90 and 100% of their
companies; 56% own 100%.
This article excerpted from "What Makes Fast Growing
Women-Owned Companies Tick?" by Donna Fenn, first published
April 28th, 2010 on bnet.com.
Membership
Anniversaries
Congratulations to the following companies,
marking major anniversaries as Association members:
30 Years
Roundhouse Printing
25 Years
Advantage Book Binding, Inc.
Baltimore Color Plate, Inc.
Friendship Creative Printers
20 Years
Southern Maryland Printing & Graphics, Inc.
Member
News & Activities
Svec Conway
Printing (Silver Spring, MD) has partnered
with Carbonfund.org’s “Million
Tree Challenge” campaign, and has "...pledged
to plant a tree for each printing and marketing solutions
project sold for the entire year of 2010,” says Sheila
Firestein, owner. Read the whole story online at American
Printer.
Congratulations to Miller's
Minuteman Press on being a named a Finalist in the Maryland Chamber of Commerce
Small Business of the Year competition. Winners will be announced
June 3. Good luck to Keith and the entire staff!
WebbMason hosted a "Promotional
Products Showcase" on April 22 to expose companies to promotional
products that could be added to their current marketing programs.
A vast majority of attendees (88%) indicated in a survey
that they would be "very
likely" or "likely" to
attend a similar event at WebbMason next year. Read the whole
story at http://www.earthtimes.org/articles/show/webbmason39s-first-promotional-products-showcase,1281868.shtml
Upcoming
Events
| May 12 |
FREE Webinar: Come Alive
with CS5,
1:00-2:00pm. Get the scoop on the newest version
of Adobe Creative Suite 5. Webinar will discuss
and demonstrate the latest productivity-enhancing
features, including how artwork can now be quickly
turned into high-quality interactive content. Attendees
will also find out how to streamline critical processes
like client reviews with CS Review. There are many
new tools that can provide unexpected opportunities
for users. The webinar is
free to PGAMA members; $99 to nonmembers. Learn
more and sign up online at http://www.printing.org/node/6140.
|
| May 14 |
NEW
EARLY BIRD REGISTRATION DEADLINE!
PAY
$135 PER GOLFER BEFORE MAY 14 OR $150 PER GOLFER
AFTER. |
May 16-19
Baltimore Show! |
2010
PIFE Spring Conference, Baltimore
Hilton, Baltimore, Maryland. Come meet and
network with other finance professionals, plus
find out about the latest technologies and
keys to profitability to help successfully
manage your company’s
finance and administration functions. PIFE
meetings provide continuing education credits.
Learn more at http://www.printing.org/event-calendar/5642. |
May 17-19
Baltimore Show! |
2010
Offset & Beyond,
Baltimore
Hilton, Baltimore, Maryland. Attend
to get the resources, tools, and connections
you need to succeed. Offset & Beyond
offers topics that cover business opportunities
and trends, comprehensive technology, production,
digital, sales, marketing, and financial sessions
via leadership, operations, and production
tracks. Learn more at http://www.printing.org/offsetandbeyond
**SPECIAL RATE AVAILABLE FOR PGAMA
MEMBERS** |
May 17-19
Baltimore Show! |
2010
BIA Mid Management Conference, Baltimore
Hilton, Baltimore, Maryland. The BIA Mid-Management
Conference brings together mid-managers from
trade binderies, graphic finishing, information
packaging, custom loose-leaf manufacturing,
and the suppliers to those industries. Be prepared
for a blitz of information, new products and
ideas, as well as unparalleled networking with
your peers from around the world. Plant tours
featuring PGAMA members, too! Learn more at http://www.printing.org/event-calendar/5946. |
| May 18 |
FREE Webinar:
Direct Mail Dynamics, 11:00am-Noon. If
you've been stuck on direct mail autopilot, take back
the creative controls with this FREE Webinar presented
by PaperSpecs. See some of the most innovative and creative
direct mail ideas on the planet, plus:
*Learn the
rules that will prevent the most common and expensive
direct mail mistakes
*Explore the world of proprietary folding styles
*See how the right paper choice can turn a campaign
from flop to pop
*And more!
To register, go to www.paperspecs.com/webinar. |
| May 19- June 23 |
CSR Training Webinar
Series (Part 1), Noon-1:00pm. Tune in to
one or all six broadcasts of Sid Chadwick's CSR Webinar
Series. Part 1 focuses on Foundations
for Managing Information and Perceived Customer Value,
and will address:
*The changing roles of CSR’s with production,
account executives, and customers
*Importance of the
customer profile
*Communication tools, and how to more effectively
use them to create customer preference, improved
sales rep productivity, and
improved productivity of the production team
*How to use prepress to create
stronger customer loyalty
Cost is $75 for individual
sessions or $400 for the complete series. All
you need to participate is a phone and a computer with
Internet connection! Register with PGAMA by
May 17, 410-319-0900/877-319-0906 or www.pgama.com. |
May 24-26
Baltimore Show!
|
PSDA
Print Solutions Conference & Expo, Baltimore
Convention Center, Baltimore, Maryland. The
Print Solutions Conference & Expo is the
only national trade show focused on supporting
printing professionals who buy print and print
services for resale or distribution to an end-user
customer. In the mix of large trade shows held
throughout the year, this is the only show
targeting this specific niche of printing professionals.
The Print Solutions Conference & Expo
is for anyone directly responsible for buying
or influencing the buying of print. EXCLUSIVE
MEMBER BENEFIT: FREE HALL PASS ($65 VALUE)!! Learn
more and register to attend at http://ops.psda.org/Meetings/DMIAIndividRegV3/Search.aspx?ecd=IN10PG |
| May 26 |
FREE Webinar:
Restructuring the Balance Sheet, 10:30-11:30am.
PGAMA member MargolisBecker is sponsoring this event,
which is geared to owners and financial executives.
Get help with financial decision-making
and cashflow management in
this broadcast. Topics to be covered include:
· Restructuring Debt
· Getting
a handle on credit and collections
· Controlling
Inventory
· Managing Accounts Payable
· Cash
Forecasting
Guest speakers are Jim Russell
and Tom Williams of New Direction Partners. Call the
PGAMA office to register, 410-319-0900 or email Debbie@pgama.com.
Questions about webinar content? Contact Bonnie Pfaff
at 888-577-1717. x 110 or bpfaff@margolisbecker.com |
| June 1-3 |
Introduction
to Printing, PGAMA
Boardroom. Give your new-to-the
industry employees an understanding of
how the entire printing process works--from
start to finish. Great for CSRs, Sales, Management
& more! Course schedule is Tues: 8:30am
- 4:30pm; Wed: AM field trip/PM class; Thurs:
8:30am-Noon. Cost
is $295.00/person for members/$495.00/person
for non-members. Fee includes all instructional
materials, lunch every day, & transportation
for field trip. To register contact Debbie at
PGAMA, 410-319-0900/877-319-0906 or online
at www.pgama.com.
**REGISTRATIONS MUST BE RECEIVED BY
MAY 24. |
June 14
|
PGAMA's
5th Annual Golf Outing, at Crofton
Country Club in Crofton,
Maryland. PGAMA’s annual golf outing
is the perfect place to make contacts with
fellow members and other professionals. There’s
also excellent food, awards, and cash prizes*
so recruit a foursome, polish your swing, and
prepare for a challenging game on this Arnold
Palmer course. *Prizes are given for Longest
Drive, Closest to Pin, Hole in One, and Putting.
Register by May 14 and pay $135 per
person for golf, breakfast & lunch. After
5/14 pay $150 per person. (Lunch/awards only
is $45 per person.) To Register: Call the office,
410-319-0900/877-319-0906. Sponsors
Welcome! Call PGAMA for more info, 410-319-0900. |
|
