Reporting & Filing Requirements

Topics

May 1, 2010

IRS Will Process Medical Residents’ FICA Refund Claims for Periods Before April 1, 2005

The IRS has announced that it will accept that medical residents are exempt from FICA taxes under the student exception in Sec. 3121(b)(10) for periods ending before April 1, 2005.

July 1, 2009

Correcting Employment Tax Errors

Correcting an employment tax error that is discovered in the year in which the error occurs is generally a simple process. However, employers often discover such errors after the close of the calendar year in which they paid the wages to an employee. The adjustment process to correct those errors is confusing and often leads to further mistakes.

January 1, 2009

Volunteer Board President “Responsible Person” for Payroll Taxes

Taxpayer who served (without compensation) as the president of a daycare center was responsible person under Sec. 6672.

July 1, 2008

IRS Intensifies Focus on Worker Classification

As the IRS intensifies its scrutiny of worker classification, businesses may want to take a fresh look at how their policies, procedures, and documentation around engaging independent contractors might withstand IRS review.

March 1, 2008

IRS Develops New Form for Misclassified Workers

The IRS has developed a new form for employees who have been misclassified as independent contractors to report their share of uncollected Social Security and Medicare taxes: Form 8919, Uncollected Social Security and Medicare Tax on Wages.

February 1, 2008

Late Legislation Affects AMT, Mortgage Foreclosures, FUTA

Congress passed several pieces of legislation that affecting 2007 tax returns.

February 1, 2008

Early Retirement Payments to Former Tenured Faculty Members Are Subject to FICA

The Third Circuit held that payments under several early retirement plans made by a university to former tenured faculty members were compensation for services subject to the FICA tax.

November 1, 2007

Amended Regulations on the Student Exception from FICA Are Invalid

The Mayo Clinic (Mayo) and Mayo Foundation for Medical Education & Research (MFMER) are nonprofit corporations in Minnesota. MFMER acts as Mayo’s agent for purposes of paying withholding and FICA taxes for Mayo’s employees.Mayo operates graduate medical education programs for medical residents and fellows (residents). Most of these programs are

October 1, 2007

Distinguishing Between Independent Contractors and Employees

Before a business entity pays for services rendered, it should consider this: Is it paying a contractor or has it hired an employee? This question arises every time a business pays a person for services rendered. At times the answer is clear, but often the minute details will present a