Supreme Court Upholds Exclusion of Medical Residents from FICA Exemption
In a unanimous opinion for Mayo Foundation for Medical Education and Research et al. v. United States , the Supreme Court recently upheld the exclusion of medical residents from the Federal Insurance Contribution Act (FICA) tax student exemption. The definition of “student” in 26 U.S.C. § 3121(b)(10) exempts services from Social Security taxes if they are performed for a school, college or university by an enrolled student regularly attending classes. Of the core arguments made, the foremost was whether medical residents fit more with university students, who are exempt from FICA taxes, or with law school and architectural apprentices, who are subject to Social Security contributions. The upheld regulation excludes students working. Read More.
IRS Scrutiny of Employment Tax Compliance Continues
The IRS continues to send audit letters to U.S. businesses and organizations as part of the Employment Tax National Research Project (NRP) . Just because your organization may not have received a letter yet doesn’t mean it won’t. Only 2,000 such letters have been sent to date, with 4,000 still to come over the next two years. As report over at the CFO Zone : The NRP is the first the IRS has undertaken in 25 years. During that time, the agency noted, business practices regarding employment taxes may have changed significantly, prompting the need for study. In particular, the IRS is looking for data that will allow. Read More.
Information Technology Risk Assessments in Nonprofit Organizations
With many divergent organizational objectives that depend upon the effective use of information technology resources, nonprofit organizations often have a greater information technology risk assessment need than commercial enterprises. The objective of an IT risk assessment is to ensure that information technology architectures, applications, resources, etc., properly align with an organization’s business objectives. The most important concept pertaining to any risk assessment process, whether it be at the enterprise level or specific to a functional area, such as information technology, is the idea that the performance of the risk assessment is not a single event. Risk assessment is a process that an organization must perform routinely.. Read More.
CB&H Seminar: Payroll Tax Planning for Year End – What’s New and on the Horizon for 2010
Join Cherry Bekaert & Holland and Payroll Network for a timely discussion on the important changes to payroll and compensation issues that will have an impact on your organization. Date & Time January 13, 2010 7:30 a.m. – 10:00 a.m. Location Cherry, Bekaert & Holland 1934 Old Gallows Road Suite 400 Vienna, VA 22182