What is the Medicare Hospital Insurance Tax?
A tax under the Federal Insurance Contributions Act (FICA) that is a United States payroll tax imposed by the Federal government on both employees and employers to fund Medicare.
S Corporations
S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double…
We’re So Proud
Our Partners and Staff are proud to celebrate Aleksander’s achievement in obtaining his CPA designation. This significant milestone was achieved due to his career focus, hard work and dedication to the profession. We appreciate and applaud Aleksander’s tenacity and depth of knowledge in acquiring the CPA credential. Aleksander joined our firm in 2016 as a…
Schumer Proposes to Exempt Olympic Medals from Taxes
Sen. Charles Schumer, D-N.Y., is urging Congress to exempt Olympic medalists from taxes on their medals and monetary bonuses. READ MORE NOW
IRS Works to Help Taxpayers Affected by ITIN Changes; Renewals Begin in October.
WASHINGTON — The Internal Revenue Service today announced important changes to help taxpayers comply with revisions to the Individual Taxpayer Identification Number (ITIN) program made under a new law. The changes require some taxpayers to renew their ITINs beginning in October. READ MORE NOW
What Do They Mean By FICA taxes?
The Federal Insurance Compensation Act imposes a tax on employers and employees in equal amounts to provide funding to the federal government in support of the Social Security and Medicare programs in the United States. Self-employed individuals must pay the entire tax themselves.
IRS Tax Inversion Rule Change Draws Chamber of Commerce Suit
(Bloomberg) The U.S. Chamber of Commerce challenged an Internal Revenue Service rule change it claims improperly stymies the ability of U.S. companies to shift their headquarters overseas to shelter global profits from American tax collectors. READ MORE NOW