On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 ("ATRA") into law. ATRA, adopted as an alternative to stepping over the "fiscal cliff," preserves most of the Bush-era tax cuts and...more
1/21/2013 - 401k American Taxpayer Relief Act Bush-Era Tax Cuts Educational Assistance Programs FICA Taxes Fiscal Cliff Income Taxes IRA Rollovers Medicare Taxes Payroll Taxes Roth Conversions Transit Benefits
On September 7, 2012, the Sixth Circuit Court of Appeals held in United States v. Quality Stores, Inc. that severance payments to former employees pursuant to an involuntary reduction in force are not taxable "wages" for...more
1/21/2013 - FICA Taxes Involuntary Reduction in Force IRS Payroll Taxes Quality Stores Severance Pay Wages
On November 30, 2012, the Internal Revenue Service ("IRS") released proposed regulations and two sets of frequently asked questions implementing two new Medicare taxes under the Patient Protection and Affordable Care Act...more
12/10/2012 - 3.8% Medicare Tax Affordable Care Act FICA Tax Rate FICA Taxes Medicare Taxes
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