News & Analysis as of

FICA Taxes

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 +
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 are currently set at 12.4% for Social Security and 2.9% for Medicare. less -
Hanson Bridgett

No Delay in Effective Date and Other Key Takeaways from the IRS’ Final Catch-Up Regulations

Hanson Bridgett on

On September 16, 2025, the Internal Revenue Service (IRS) issued final regulations to reflect statutory changes under Section 603 of SECURE 2.0, which generally require that catch-up contributions made by participants in...more

Bradley Arant Boult Cummings LLP

Dependent Care Assistance Program Limit to Increase in 2026

Bradley Arant Boult Cummings LLP on

Starting January 1, 2026, the annual contribution limit for dependent care assistance programs (DCAPs) will increase from $5,000 to $7,500 (or $3,750 if married filing separately), marking the first adjustment in decades....more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Approved FY 2026 H-1B Cap Petitions Effective as of October 1, 2025

Ogletree, Deakins, Nash, Smoak & Stewart,... on

With the commencement of the new federal fiscal year, many individuals with approved fiscal year (FY) 2026 H-1B cap petitions began employment in H-1B status as of October 1, 2025. Others may still be awaiting adjudication of...more

Amundsen Davis LLC

IRS Issues Proposed Rules Clarifying the “No Tax On Tips” Provisions Under President Trump’s One Big Beautiful Bill

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On Friday, September 19, 2025 the Internal Revenue Service (IRS) issued proposed regulations clarifying the “no tax on tips” provisions under President Trump’s One Big Beautiful Bill Act (OBBBA). Starting January 1, 2026,...more

Vedder Price

Treasury and IRS Finalize Regulations for Roth Catch-Up Contributions Under Secure 2.0

Vedder Price on

On September 15, 2025, the Department of the Treasury and the Internal Revenue Service issued final regulations implementing key provisions of the SECURE 2.0 Act relating to Roth catch-up contributions. The final regulations...more

Venable LLP

IRS Issues Final Regulations on Mandatory Roth Catch-up Contributions

Venable LLP on

On September 15, 2025, the IRS unveiled final regulations requiring retirement plan sponsors to designate age 50 catch-up contributions as Roth contributions for participants with annual FICA wages greater than $145,000 (as...more

Seyfarth Shaw LLP

Final Catch-Up Rules: What Now? (Spoiler Alert: There is No Extension)

Seyfarth Shaw LLP on

Yesterday, Treasury and the IRS issued highly-anticipated final regulations addressing several changes to the catch-up contribution provisions implemented by SECURE 2.0. ...more

Proskauer - Employee Benefits & Executive...

FICA Tax: Navigating the Nonqualified Deferred Compensation Special Timing Rule

Proskauer - Employee Benefits & Executive... on

Compensation is generally subject to federal income tax and FICA tax when compensation is actually paid to an employee. However, nonqualified deferred compensation (NQDC) may be subject to FICA taxation before federal income...more

Husch Blackwell LLP

Important New Reporting Rules for Overtime Pay and Tipped Income

Husch Blackwell LLP on

With the passage of the new federal tax bill on July 4, 2025, unofficially referred to as the One Big Beautiful Bill Act (OBBBA), employers and employees in overtime-heavy and tipped industries face new opportunities and...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

It’s Official - No Tax on Tips, No Tax on Overtime Through 2028

Ogletree, Deakins, Nash, Smoak & Stewart,... on

One of President Donald Trump’s 2024 campaign messages was a promise to implement a no-tax-on-tips and no-tax-on-overtime law. On July 3, 2025, the U.S. Congress passed the “One Big Beautiful Bill,” and President Trump signed...more

Benesch

No Tax on Tips! What President Trump’s Promise May Mean for Your Business

Benesch on

If you’re a political nerd like me, you may have observed then-candidate and now President Donald J. Trump’s pledge to eliminate taxes on tips. In fact, he doubled down on this promise in his speech to Congress on March 4,...more

Foley & Lardner LLP

Mandatory Roth Catch-up: More than Meets the Eye

Foley & Lardner LLP on

In January, the Department of the Treasury (“Treasury”) and Internal Revenue Service (IRS) issued proposed regulations on the catch-up contribution provisions under the SECURE 2.0 Act of 2022 (“SECURE 2.0”). While the...more

Foley & Lardner LLP

Benefits Basics - When an Employee Dies: A Resource Guide for HR & Benefits Professionals

Foley & Lardner LLP on

As a member of your company’s human resources or employee benefits department, one of the most difficult calls you may receive is from a colleague or an employee’s family member notifying you of the death of an employee. This...more

Bricker Graydon LLP

Act 3: To Roth or Not to Roth - That Is No Longer the Question for Some Catch-Up Eligible Individuals

Bricker Graydon LLP on

The IRS this past Friday issued proposed regulations regarding mandatory Roth catch-up contributions. SECURE 2.0 amended the catch-up contribution provisions of the Code....more

Foley & Lardner LLP

Unlocking the Power of Equity-Based Incentive Compensation: Basics of Restricted Stock, Restricted Stock Units, and Performance...

Foley & Lardner LLP on

This article is the fourth in our series on equity-based compensation intended to assist employers with answering a common question: What type of equity compensation award is best for our company and our employees?...more

McGlinchey Stafford

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

McGlinchey Stafford on

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

The Wagner Law Group

A New “One Percent” Tax Issue – Proposed IRS Regulations on the Excise Tax on Stock Repurchases

The Wagner Law Group on

The Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”), in an April 2024 follow-up to IRS Notice 2023-2, issued proposed regulations dealing with the one-percent excise tax under Internal Revenue...more

Smith Anderson

What Limited Partners Should Know About Soroban

Smith Anderson on

The Tax Court’s use of a functional analysis test to determine limited partner status in Soroban Capital Partners LP has had a ripple effect in the world of asset management. The decision’s impact will be felt in the tax and...more

Foley & Lardner LLP

To 457(b) or Not to 457(b): Five Rules You Must Follow to Keep Your 457(b) Plan Compliant

Foley & Lardner LLP on

Recruiting and retaining top executives can be challenging for non-governmental tax-exempt organizations such as Code §501(c)(3) organizations, private universities, and certain healthcare organizations (Nonprofits). Not only...more

Fox Rothschild LLP

Retirement Alarm Bells Ringing Again

Fox Rothschild LLP on

We recently posted some advice related to retirement planning and the need to take pen to paper (fingers to keyboard?) to make realistic assessments of future needs and available resources. And, because this is a divorce...more

Dorsey & Whitney LLP

The Special Timing Rule for Taxation of Nonqualified Deferred Compensation

Dorsey & Whitney LLP on

For an employee who is a U.S. taxpayer, both the employer and the employee are liable for a portion of Social Security taxes and Medicare taxes (collectively referred to as “FICA” taxes) on the employee’s compensation. ...more

Fox Rothschild LLP

Social Security Has Announced the 2024 “Carrot”. Don’t Forget the “Stick.”

Fox Rothschild LLP on

As inflation has come back into the economy’s conversation in the past three years, we have seen lots of publicity about the adjustments in social security payments to address inflation as well as the system’s overall...more

McDermott Will & Schulte

Employers Be Forewarned and Forearmed: Recent IRS Announcements Require Action on ERTC Claims

McDermott Will & Schulte on

Promoters and tax advisors have extensively marketed the Employee Retention Tax Credit (ERTC) as a way for employers to reclaim Federal Insurance Contributions Act (FICA) payroll taxes paid during the first two years of the...more

Harris Beach Murtha PLLC

Social Security Administration Announces Higher Benefits and Taxable Wage Base for 2024

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A recent Social Security Administration news release announced that, for 2024, Social Security benefits will increase by 3.2%, and the Social Security taxable wage base will increase to $168,600 from $160,200. The...more

Rivkin Radler LLP

The Trust Fund Penalty – Times May be Tough, But Don’t “Borrow” from Withheld Taxes

Rivkin Radler LLP on

It’s wonderful to be part of a successful business, especially in a strong economy. The owners are probably enjoying a more than just decent return on their investment and, in most cases, are getting along well enough. The...more

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