The IRS announced Wednesday a new form to help employers claim payroll tax breaks for hiring workers under the Hiring Incentives to Restore Employment (HIRE) Act signed by President Obama on March 18.

Employers may qualify for an exemption from the 6.2% employer's share of Social Security tax on wages paid to newly hired employees who had been unemployed for at least 60 days or who had worked no more than 40 hours for during that period. The employee's 6.2% share of taxes would still be collected.

Employers can also qualify for a credit of up to $1,000 per each unemployed worker kept on board for at least a year.

To view the IRS' announcement, click here.

To view the new form W-11, which employees would sign to enable an employer to receive the tax credit, click here.

In addition, employers will need another form, Form 941, to claim the credit. The IRS announced a draft of Form 941, but final form will be released next month. To view the draft form, click here.