News & Analysis as of September 26, 2024

FICA Taxes › Reporting Requirements

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Federal Insurance Contribution Act (FICA) Taxes are United States federal payroll taxes levied to fund the Social Security and Medicare system. FICA Taxes burdens are divided between employers and employees and... more +

Is a “Tip” Paid in Cryptocurrency a Tip for Employment Tax Purposes?

McGlinchey Stafford on 8/26/2024

Tips are in the news lately. It seems like political strategists on both sides of the aisle have concluded that excluding tips from taxable income is good for votes. One has to wonder if this political promise will go the way...more

Lo que sabemos sobre el Cumplimiento Crypto y los impuestos federales de los EE. UU.

Foodman CPAs & Advisors on 10/5/2018

La última Notificación emitida por el IRS sobre Criptomoneda fue el Aviso 2014-21 publicado el 25 de Marzo del 2014 que brinda orientación en forma de respuestas a preguntas frecuentes (“Frequently Asked Questions”). ...more

New IRC Section 83(i) Introduces Election to Defer Tax on Certain Stock Options and RSUs

White and Williams LLP on 5/9/2018

An election introduced as part of the 2017 Tax Cuts and Jobs Act allows taxpayers to defer the recognition of taxable income with respect to certain categories of compensatory stock options and restricted stock units (RSUs)....more

Income, from Whatever Exchange, Mine, or Fork Derived: The Basics of U.S. Cryptocurrency Taxation

Proskauer - Tax Talks on 12/7/2017

In this first of (we hope) many posts on the interesting and myriad tax issues arising in the world of cryptocurrency and blockchain technology, we focus on the very basic U.S. federal income tax consequences of...more

Employers Need 2015 Year-End Planning to Meet Employee Reporting and Withholding Requirements

McDermott Will & Emery on 12/16/2015

To avoid tax reporting and withholding penalties as 2015 draws to a close, employers need to properly plan and check their reporting for employees under non-qualified deferred compensation, fringe benefits, health benefits or...more

Reminder: Employers Subject to Additional Medicare Tax Withholding & Reporting Requirements, Effective 1/1/2013

King & Spalding on 3/4/2013

The Patient Protection and Affordable Care Act (“PPACA”) increased the employee portion of the Medicare tax on wages received on or after January 1, 2013 by 0.9% of Federal Insurance Contributions Act (“FICA”) wages which are...more

IRS Guidance to Implement Retroactive Increase in 2012 Mass Transit Benefit Limits—January 31 Deadline

Ogletree, Deakins, Nash, Smoak & Stewart,... on 1/18/2013

On January 16 the Internal Revenue Service (IRS) issued guidance on the application of the retroactive increase in excludible transit benefits, as enacted under the American Taxpayer Relief Act of 2012 (ATRA). IRS Notice...more

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