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U.S. Treasury FICA Taxes

The Wagner Law Group

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

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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

Foley & Lardner LLP

Another Fund Manager Sues IRS Over Application of “Limited Partner” Exception to Self-Employment Taxes

Foley & Lardner LLP on

On August 11, 2023, Stamford, Connecticut-based hedge fund manager Point72 Asset Management (“Point72”) filed a petition with the Tax Court contesting the IRS’s position that its owner, billionaire and New York Mets team...more

Flaster Greenberg PC

Tax Pitfalls To Avoid In Employment Litigation Settlements

Flaster Greenberg PC on

By all measures, 2021 was a banner year for hiring, but 2022 and 2023 have been the opposite. According to one media source, more than 121,000 jobs in the technology sector alone — think Google LLC, Amazon.com Inc.,...more

Kelley Drye & Warren LLP

Employers Face Risks If They Reduce FICA Tax Withholding as a Result of the President’s Executive Order

On August 8, 2020, President Donald Trump signed an executive order directing the U.S. Treasury Department to defer the withholding, deposit, and payment of certain employment taxes that would otherwise be withheld and...more

Holland & Knight LLP

Trump Administration Seeks Payroll Tax Cut in Response to COVID-19 Outbreak

Holland & Knight LLP on

The Federal Insurance Contributions Act (FICA) imposes a tax on employee wages, and requires contributions from employers in order to fund Social Security and Medicare. Currently, the Social Security portion of FICA tax...more

Mintz - Employment, Labor & Benefits...

Treasury Department/IRS Issue Guidance Instructing Employers on How to Make Claims for FICA Refunds or Credits Post-Windsor

On June 26, 2013, in United States v. Windsor, the Supreme Court held that section 3 of the Defense of Marriage Act (DOMA) is unconstitutional. (For a discussion of the issues and holding in United States v. Windsor, please...more

Morgan Lewis

IRS Issues Notice on Special Tax Adjustment Procedures for Same-Sex Marriages

Morgan Lewis on

Notice 2013-61 provides alternative administrative procedures for reporting income and FICA tax adjustments in response to the Windsor decision and Revenue Ruling 2013-17. On September 24, the U.S. Department of the...more

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