Katie Wilbur

Katie Wilbur

Varnum LLP

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Guaranteed Payments: the Equivalent of a Salary for LLC Members and Partners

Absent special elections to be taxed differently, partnerships and limited liability companies (referred to herein as “entities”) with two or more partners or members (referred to herein as “owners”) are taxed on a...more

4/13/2015 - Corporate Taxes K-1 Limited Liability Companies Partnerships Pass-Through Entities Tax Returns

ACA Deadlines Do Apply to American Indians, But There are Many Exemptions

Under the Affordable Care Act, most Americans are now required to either maintain minimum health insurance coverage, get an exemption, or pay a tax penalty. ...more

3/17/2015 - Affordable Care Act Health Insurance IRS

Exporters, Are You Leaving Money on the Table? The IC-DISC Tax Incentive

No one is interested in paying more than is necessary in federal taxes, but for some closely held companies in the business of exporting U.S.-made goods, this may be the case if they fail to take advantage of a special export...more

2/2/2015 - Business Taxes Closely Held Businesses Exporters IC-DISC Manufacturers Tax Incentives

2015 COLAs for Employee Benefit Plans

The Internal Revenue Service has announced the 2015 cost of living adjustments to various limits on employee benefit plans. The adjusted amounts generally apply for plan years beginning in 2015. Some of the adjusted amounts,...more

10/23/2014 - COLA Cost-of-Living Employee Benefits IRS

IRS Continues Pursuit of Undisclosed and Unreported Financial Accounts - Important New Developments

On Wednesday, the IRS announced substantial expansions of the 2012 Streamlined Filing Compliance Procedures and the 2012 Offshore Voluntary Disclosure Program (OVDP). The IRS first designed the 2012 Streamlined Filing...more

6/23/2014 - Compliance IRS Offshore Funds OVDP Tax Evasion

Supreme Court Rules That Severance Payments Constitute “Wages” For FICA Tax Purposes

On Tuesday, March 25th, the Supreme Court ruled that severance payments not linked to State unemployment benefits paid to involuntarily terminated workers were "wages" and thus subject to Social Security and Medicare taxes...more

3/28/2014 - FICA Taxes Quality Stores SCOTUS Severance Agreements

Rental Cottages And Limits On Federal Income Tax Deductions

It’s a dilemma that many cottage owners face: you want to earn extra money while away from your cottage but you are worried about the hassles that come with owning a rental property. It is well known that renting out a...more

3/27/2014 - Cottage Properties Income Taxes Tax Deductions

2014 COLAs For Employee Benefit Plans

The Internal Revenue Service has announced the 2014 cost of living adjustments to various limits on employee benefit plans. The adjusted amounts generally apply for plan years beginning in 2014. ...more

11/1/2013 - 401k COLA Cost-of-Living Employee Benefits HSA IRS Retirement Plan Social Security Benefits

Tax Free Income For Up To 14 Days Rental Of Personal Residence

Planning a vacation this summer but don't know how to finance it? Consider renting out your personal residence while you are away and pocketing the rental income tax-free!...more

7/29/2013 - Income Taxes Primary Residence Rent Tax Exemptions

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