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Showing 2 posts tagged payroll taxes.
UPDATE: The Taxman Still Cometh, but It's a Little Later for Some Kentuckians Impacted by Severe Storms
UPDATE: The IRS has announced tax relief for taxpayers in the following additional counties due to severe storms and flooding that began February 27, 2021: Anderson, Bell, Calloway, Clark, Edmonson, Fayette, Graves, Greenup, Harlan, Jessamine, Laurel, Leslie, Letcher, Madison, Menifee, Owsley, Perry, Pike, Powell, Pulaski, Union, Warren, Whitley and Woodford counties. Additionally, the Kentucky Department of Revenue has agreed to apply the same rules as the IRS for filing and payment of income tax withholding for these taxpayers.
Kentucky residents and businesses impacted by late-February storms and flooding can cross looming tax deadlines off their immediate list of worries. For those in impacted counties, the IRS has extended certain deadlines falling on or after February 27, 2021 to June 30, 2021. These include: More >
Severance Payments Do Not Escape FICA
If you are an employer or are responsible for payroll taxes at your business, then this post is a must- read. Recently, the United States Supreme Court issued a decision in United States v. Quality Stores, Inc. and declared that lump sum severance payments made to laid-off employees are taxable wages for FICA purposes.[1] This decision was a major victory for the Internal Revenue Service, which has been fighting thousands of refund claims from companies and former employees. Had the Court ruled in favor of Quality Stores Inc., the IRS faced potential refund issuances exceeding one billion dollars. More >