Tag Archive: "FICA"
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IRS Makes Electing Step-up Easier
The IRS announced last week enhancements to making the election to “step-up” the basis of a partnership asset. Also, the Social Security Wage Base is going up by $1,500 in 2018.
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Talk Brewing of Extending the Payroll Tax Cut
The Employee FICA tax rate for 2011 and 2012 had been cut from the normal 6.2% to 4.2%. This provision was set to expire at the end of this year and then revert back to the normal rate beginning January 1, 2013. Allowing this cut to expire in 2013 seemed like a reasonable position several […]