News & Analysis as of September 23, 2024

FICA Taxes › Tax Liability

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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 +

Certificates of Coverage Necessary for Expatriate Workers to Claim FICA Exemption under Totalization Agreements

Littler on 6/26/2023

In an opinion issued on June 20, 2023, the United States Court of Federal Claims reminded taxpayers that they must obtain a certificate of coverage in order to claim an exemption from Social Security and Medicare taxes (FICA)...more

Section 530 and IRS Employment Tax Audits: Worker Classification and Relief

Freeman Law on 5/31/2022

Worker Classification and Section 530 Relief - Employers are required to pay employment taxes to the IRS. Generally, these payments consist of two portions: the employee’s portion of FICA and income taxes and the employer’s...more

Recent Lawsuit Highlights a Potential Equity Compensation Trap

Blank Rome LLP on 1/12/2022

It is common for executives to be compensated by giving them the right to receive employer stock. This right can take different forms, including direct stock grants, stock options, and restricted stock units. Equity awards...more

Taxing Times - April 2021

Gerald Nowotny - Law Office of Gerald R.... on 4/1/2021

Male Escort Gets 21 Months In Prison For Tax Case - He lied on his tax returns, resulting in a tax loss to the IRS of $278,325. A male escort who lied to the IRS about his income was sentenced to 21 months in prison and...more

A Primer On Employment Taxes

Carlton Fields on 5/21/2019

We noticed an uptick in employment tax issues, so thought a primer on employment taxation basics would be helpful. While this may be of general interest to in-house counsel and human resources professionals, it is probably...more

Family Employee Tax Policies

Davis Wright Tremaine LLP on 12/10/2018

Hiring and employing family members is common in the realm of family businesses. An important thing to remember is that most family employees are treated in the same manner as any other employee for federal tax purposes,...more

Unpaid Federal Employment Taxes: The Government’s Chief Enforcement Priority

Burr & Forman on 10/29/2018

Businesses that have employees must pay wages and salaries to their employees, and the employer must collect federal employee income taxes and the employee’s share of social security (FICA) from these wages and salaries, add...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

IRS Clarifies Authority for Acceptance of Offers in Compromise from Clients of Professional Employer Organizations and Reporting...

Burr & Forman on 6/25/2018

Generally, an employer is required to deduct and withhold Federal Insurance Contribution Act taxes (“FICA”), Federal Unemployment Tax Act taxes (“FUTA”), and income tax withholding from its employee’s wages and is separately...more

New IRS Early Interaction Initiative Will Help Employers Stay Current with Their Payroll Taxes

McGuireWoods LLP on 12/11/2015

To help employers stay current with their employment tax responsibilities, the IRS announced on Dec. 8, 2015, a new early initiative to notify employers who may be falling behind on payment of their employment taxes. IRS News...more

Davidson v. Henkel — What’s Going On With Nonqualified Deferred Compensation Plans and FICA

Jackson Walker on 6/17/2015

In This Presentation: - Davidson v. Henkel Corp. - The Parties - NQ Plan - The Plan’s Tax Clauses - Davidson’s Pre-Retirement Counseling - 2011 Compliance Review and Letter - Henkel’s Tax...more

IRS Worker Classification Audits—Risks And Relief Options

Ogletree, Deakins, Nash, Smoak & Stewart,... on 5/23/2013

The battle between the Internal Revenue Service (IRS) and taxpayers continues over independent contractor treatment. ...more

Federal Appeals Court Holds That Supplemental Unemployment Compensation Benefits Are Not ‘Wages’ Subject To FICA Taxation,...

Troutman Pepper on 4/15/2013

In an important recent decision, United States v. Quality Stores, Inc., et al., Case No. 01-1563, 2012 U.S. App. LEXIS 18820 (6th Cir. Sept. 7, 2012), the U.S. Court of Appeals for the Sixth Circuit held that supplemental...more

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FICA Taxes › Tax Liability

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