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Medicare Taxes

Estate Planning Newsletter - December 2016

by Hinshaw & Culbertson LLP on

Hinshaw’s Estate Planning Newsletter includes reports on opportunities and challenges that may impact your estate plan. This publication is designed to keep our clients and friends aware of certain opportunities and...more

Election Results Likely to Result in the End of the ACA as We Know It, But Employers and Plan Sponsors Should Stay the Course for...

Over the past five years or so, Republican Congressmen have repeatedly taken steps to repeal President Obama’s landmark legislative effort – the Patient Protection and Affordable Care Act (the “ACA”). However, those efforts...more

2016 Benefit Limits

The IRS updated very few of the retirement plan limits effective for the plan year that begins on or after January 1, 2016. A comparison of the 2016 and 2015 limits is listed below. Please see full alert below for more...more

Year-End Tax Planning 2015

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Factors that compound the challenge include turbulence in the stock...more

Are LLC Owners Subject to Medicare Tax on Their Distributive Shares?

In a typical employer-employee relationship, the employer and employee each pay half of the Medicare tax due. However, the owners (called “members”) of a limited liability company (“LLC”) are usually considered self-employed...more

Clinton Outlines Her Capital Gains Rate Hike

Following up on my post from last week, presidential candidate Hillary Clinton has now provided more specific information on her proposed capital gains rates hike. For high income filers (couples making at least $465,000...more

Clinton to Propose Higher Capital Gains Rates

Hillary Clinton is expected to propose later this week a revamping of capital gains rates. While the specifics are not yet released, Clinton’s proposal is expected to increase the current maximum capital gains rate for...more

The Religious Freedom Restoration Act (RFRA) and Wage and Hour Law

by Franczek Radelet P.C. on

Unless you are living under a rock, you are probably aware of the uproar in Indiana about the Religious Freedom Restoration Act that the state passed, triggering an incredible backlash inside and outside the state and a rush...more

Employee Benefits Developments - March 2015

by Hodgson Russ LLP on

The Internal Revenue Service recently issued Notice 2015-16, intending to initiate and inform the process of developing regulatory guidance regarding the excise tax on high-cost employer-sponsored health coverage. The...more

Employee Benefits Developments - January 2015

by Hodgson Russ LLP on

IRS Publishes FAQs Regarding Rollovers of After-Tax Contributions. In the December 2014 issue of Employee Benefits Developments, we reported on IRS Notice 2014-54, which allows participants to direct and allocate after-tax...more

Employer Errors in Dealing with Additional Medicare Tax

by FordHarrison on

The IRS has modified two of its "frequently asked questions" (FAQs) relating to the additional 0.9 percent "high-earner" Medicare tax that is required to be withheld starting this year. The modifications address how to deal...more

No Refunds: Supreme Court Settles Circuit Split over Severance Payment Taxation

by Baker Donelson on

In its ruling on United States v. Quality Stores, Inc., No. 12-1408 (U.S. Mar. 25, 2014), the United States Supreme Court put to rest a decade-old battle over whether severance payments made to employees are taxable as wages...more

Tax Developments Affecting Health Care Organizations and Investor-Owned Hospital Companies [Video]

by Pepper Hamilton LLP on

Several Treasury regulations, revenue procedures, and other developments have recently been released, which may have important consequences for businesses, including health care organizations. Moreover, changes in regulatory...more

Year-End Health and Retirement Plan Guidance Grab Bag

by Winstead PC on

Following Hawaii’s enactment of legislation recognizing same-sex marriage as of and after December 2, 2013 a number of additional pieces of guidance were also issued. Internal Revenue Service’s Frequently Asked Questions...more

HHS and IRS Release Updates on the SHOP Marketplace, Fees, Taxes, and Payment Parameters

by Ballard Spahr LLP on

Before departing for the 2013 Thanksgiving holiday, the Obama administration released several new regulatory announcements and guidance relating to the implementation of the Affordable Care Act (ACA). The new guidance delays...more

2013 Year-End Estate Planning Advisory

by Katten Muchin Rosenman LLP on

In this issue - - Federal Estate, GST and Gift Tax Rates - Annual Gift Tax Exclusion - Federal Income Tax Rates - President’s Budget Proposal for Fiscal Year 2014 - Important Planning...more

Timely Year-End Tax Planning Can Reduce Taxes

by McNees Wallace & Nurick LLC on

Year-end tax planning could be especially productive this year because timely action could nail down tax breaks that won’t be around next year unless Congress acts to extend them, which at the present time, looks doubtful....more

The Treasury Department and the IRS Implement Windsor and Adopt “State of Celebration” Rule: Compensation and Benefits...

by Morrison & Foerster LLP on

On August 29, 2013, the Treasury Department and the IRS issued Revenue Ruling 2013-17 (“Rev. Rul. 2013-17”) and updated Answers to Frequently Asked Questions for Individuals of the Same Sex Who Are Married Under State Law...more

Tax Law Blog: Medicare Taxes on High Earners

by Davis Brown Law Firm on

The Patient Protection and Affordable Care Act (ACA) which imposes greater Medicare taxes on high earners began in 2013. Originally, Medicare taxes for employees were 1.45% regardless of wages earned. Employers were required...more

Another Bite of the Apple

by Pessin Katz Law, P.A. on

Do you know what FICA is? Yes, it’s that amount which is deducted from your paycheck for “taxes”. FICA is made up of two taxes, one for Old, Age, Survivors and Disability Insurance (OASDI or the Social Security tax) and the...more

Tax Planning for the “New Normal”

Effective January 1, 2013, the American Taxpayer Relief Act of 2012 (“ATRA”) was enacted into law, finally settling years of debate over the fate of the Bush era tax cuts. On the same day, the 3.8% Medicare Tax on net...more

Misclassification of Workers: An Attempt to Save Could Cost Your Business A Bundle

by Pessin Katz Law, P.A. on

In recent months, many business owners have noticed that their classification of workers is being closely scrutinized by a variety of federal and state regulatory agencies. Whether a worker is classified as an “employee” as...more

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

by King & Spalding on

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

Health Care Reform Update - What employers should be doing now.

by Lane Powell PC on

Although many of the provisions of the Patient Protection and Affordable Care Act (PPACA) were already in effect, the pace of change has quickened since the Supreme Court upheld the law in June of 2012. The law is composed of...more

Employer Compliance in 2013 under the Affordable Care Act

Having survived the election and a Supreme Court challenge (for the most part), the Affordable Care Act (ACA) is here to stay. Employers should evaluate the requirements under ACA that apply to their group health plans for...more

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