News & Analysis as of

Medicare Taxes

Rivkin Radler LLP

“C’mon Man! Tax the Rich!” Business Owners Face Tax Increases*

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Last week, Sen. Warren reintroduced her “Ultra-Millionaires” wealth tax proposal to the Senate. Query her timing. The measure has the proverbial snowball’s chance in Hell of being enacted by this Congress.Perhaps the Senator...more

Warner Norcross + Judd

Year-End Tax Planning Opportunities

Warner Norcross + Judd on

2022 has been a busy year for most people. As this year is rushing toward the end, it is important ensure that you have taken advantage of the planning options available to you. Income Tax Planning Opportunities- The first...more

McDermott Will & Emery

Weekly IRS Roundup November 22 – November 26, 2021

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 22, 2021 – November 26, 2021... November 22, 2021: The IRS released a memorandum...more

Roetzel & Andress

House Passes Build Back Better Act

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Early Friday morning, the U.S. House of Representatives approved President Biden’s sweeping social and climate spending proposal known as the Build Back Better Framework. Key provisions in the approximately $2 trillion bill...more

Kilpatrick

2022 Health and Fringe Benefit Plan Limits

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Medicare Tax - The regular Medicare tax rate of 1.45% remains unchanged and applies to all income without a limitation for both the employee and employer portion. The Affordable Care Act additional Medicare tax of 0.9%...more

Cadwalader, Wickersham & Taft LLP

A Look at the Biden Administration’s Fiscal Year 2022 Revenue Proposals

I. Introduction - On May 28, 2021, the Treasury Department released the Biden Administration’s Fiscal Year 2022 Revenue Proposals (the Greenbook). ...more

Mitchell, Williams, Selig, Gates & Woodyard,...

First Look: Select Tax Provisions in the Proposed American Families Plan

On April 28, President Biden announced the American Families Plan. The American Families Plan is touted as an investment in America’s children and families – helping families cover basic expenses that so many struggle with...more

Rivkin Radler LLP

Tax Highlights: The American Families Plan

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In advance of the President’s address to Congress this evening, the White House this morning released a summary of Mr. Biden’s proposed changes to the Internal Revenue Code. These changes, together with his previously...more

Fox Rothschild LLP

New Tax Credits Support Paid Leave For COVID Vaccine

Fox Rothschild LLP on

For many employers, the costs related to the COVID-19 vaccine just went down. On April 21, 2021, President Biden announced that employers with fewer than 500 employees – including tax exempt organizations – can claim a...more

Bradley Arant Boult Cummings LLP

Let Your Employees Get the Jab (COVID-19 Vaccination) — You May Get a Tax Credit

If you are an employer with under 500 employees, you may be eligible for a tax credit for paid leave provided to your employees to receive the COVID-19 vaccination or for paid leave they take to recover from any illness or...more

Verrill

Employers Required to Give Free COBRA Coverage to be Offset by Medicare Tax Credits

Verrill on

Among other things, the American Rescue Plan Act of 2021 (“ARPA”), signed into law on March 11, 2021, provides “assistance eligible individuals” (“AEIs”) who lose their health insurance coverage under an employer’s group...more

Lowenstein Sandler LLP

Third Stimulus Requires Employers To Offer Free COBRA Coverage Offset By Medicare Tax Credits

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On March 11, President Biden signed into law the American Rescue Plan Act of 2021 (ARPA) as part of a new (third) COVID-19 stimulus relief bill. ARPA assists qualifying individuals who lose coverage under an employer’s group...more

Kilpatrick

2021 Health and Fringe Benefit Limits

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For calendar year 2021, the Health FSA contribution limit and the parking and transit limits remain the same. Other limits increase only slightly....more

Conn Kavanaugh

Understanding Your W-2

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Employers must issue Form W-2, Wage and Tax Statement, to employees by January 31st, so you should have received yours by now. But have you ever actually stopped to look at your W-2? And do you know what it all means? Your...more

BCLP

IRS Releases 2020 Adjusted Qualified Plan Limitations

BCLP on

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

Foley & Lardner LLP

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

Foley & Lardner LLP on

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

Baker Donelson

The Battle over Medicare's Treatment of Provider Taxes May be Coming to an End

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For much of the past decade, hospitals and CMS have battled over whether providers may claim, as Medicare reasonable costs, the full amount of provider tax assessments levied upon them by the states in which they operate. In...more

Mintz - Employment Viewpoints

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

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

Proskauer - Employee Benefits & Executive...

Health Care Reform Weekly Roundup – Issue 7

All eyes are on the Senate at the moment as efforts to round-up support for the Better Care Reconciliation Act (BCRA) continue. Developments over the past week are summarized below....more

Holland & Knight LLP

Numerous Provisions Affecting Employers in Senate's Draft Better Care Reconciliation Act of 2017

Holland & Knight LLP on

U.S. Senate Republicans on June 22, 2017, released a discussion draft of the Better Care Reconciliation Act of 2017 (BCRA), its bill to repeal and replace the Affordable Care Act (ACA). The BCRA follows on the heels of the...more

Ward and Smith, P.A.

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

Ward and Smith, P.A. on

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

Hinshaw & Culbertson LLP

Estate Planning Newsletter - December 2016

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

Proskauer - Employee Benefits & Executive...

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

Kilpatrick Townsend & Stockton LLP

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. ...more

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