Employees are encouraged to contact their employers and request that they seek a refund of the erroneously withheld FICA on the employees’ behalf. Because employers also pay a portion of FICA…
Read moreSome employers voluntarily agree to continue paying full wages to their employees who are called to active duty. This is commonly referred to as differential pay. Differential pay is any…
Read moreToday’s Congressional action extending the Federal Aviation Administration authorization reinstates retroactively the airline ticket taxes for passengers who traveled during the lapse of the FAA’s authorization. As a result of…
Read moreBe sure to take photographs as quickly as possible after the casualty to establish the extent of the damage. Contact the title company, escrow company or bank that handled the…
Read moreReconstructing records after a disaster may be essential for tax purposes, getting federal assistance or insurance reimbursement. Records that you need to prove your loss may have been damaged or…
Read moreGiven the current economic climate, a greater number of participants may be requesting hardship distributions from their retirement plans. To avoid jeopardizing the qualified status of the plan, employers and…
Read moreThe following rules apply to casual gamblers. Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 (PDF) and include all of…
Read moreUnemployment compensation is includible in gross income. You must report unemployment compensation on line 19 of Form 1040, line 13 of Form 1040A, or line 3 of Form 1040EZ. Unemployment…
Read moreA Roth Individual Retirement Arrangement (IRA) is an account or annuity set up in the United States solely for the benefit of you or your beneficiaries. You can contribute to…
Read moreEmployer contributions to the cafeteria plan are usually made pursuant to salary reduction agreements between the employer and the employee in which the employee agrees to contribute a portion of…
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