News & Analysis as of September 20, 2024

Internal Revenue Service

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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 +

IRS Releases 2020 Adjusted Qualified Plan Limitations

BCLP on 11/8/2019

The Internal Revenue Service released the cost-of-living adjusted qualified retirement plan limitations effective January 1, 2020. For ease of reference and comparison to prior years, we have placed the adjusted limitations...more

Deferred Compensation Plans and FICA Taxes: A Valentine’s Day Match or Disaster?

Foley & Lardner LLP on 2/15/2019

While February is usually the month for valentines and candy conversation hearts, I hope you will use this month to give a little love and attention to one of the often overlooked “other” taxes applied to payments from...more

How State Legislatures May Rock the World of Employee Compensation in Response to the Recent Federal Tax Law

Mintz - Employment Viewpoints on 1/4/2018

Prior to the effective date of the tax bill recently signed by the President, Section 164 of the Internal Revenue Code permitted individuals who itemized deductions to deduct state and local income and other designated taxes...more

Timing is Everything: IRS Raises the Stakes for Employers Who Delay FICA Taxation of Deferred Compensation

Ward and Smith, P.A. on 6/7/2017

Employers, both for-profit and tax-exempt organizations, often overlook the complex FICA tax rules applicable to deferred compensation. Unfortunately, this oversight now can be a real problem for the employer. When an...more

Year-End Health and Retirement Plan Guidance Grab Bag

Winstead PC on 12/26/2013

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

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