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6th Circuit: Severance Payments Not Subject to FICA Withholding

In a long-awaited decision, the Sixth Circuit has held that severance payments following involuntary lay-offs were not wages for FICA reporting purposes. [ United States v. Quality Stores, Inc. (In re Quality Stores, Inc.), 2012 U.S. App. LEXIS 18820 (6th Cir. Mich. 2012) .] The decision is an opportunity...

Two Weeks Left to File FICA Refund Claims

The deadline for filing 2009 FICA refund claims based on U.S. v. Quality Stores, Inc. is fast approaching. Corporate taxpayers who experienced layoffs, reductions in force, and/or facility closures in 2009 or thereafter may file a protective refund claim for FICA taxes withheld from severance payments...

Portfolio Interest: Free Money

by Dmitriy Kustov * Following the world's recent financial troubles, governments worldwide are seeking new sources of revenue, raising tax rates, promising (only, it seems) to close gaping tax loop holes, attempting to increase tax compliance generally, and actively fighting against bank secrecy...