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Tax Court Finds That SECA Limited Partner Exception Requires Functional Analysis Test - Tax Authorities

A recent U.S. Tax Court decision provides clarity to what the Internal Revenue Service ("IRS") considers a limited partner for purposes of the ‘limited partner exception.

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IRS Releases Schedule H Tax Form and Instructions for 2023 and 2024 Announced by Harbor Financial

IRS Releases Schedule H Tax Form and Instructions for 2023 and 2024 Announced by Harbor Financial
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St Augustine contractor guilty of failing to pay IRS payroll taxes withheld from exployees pay

Between 2013 and 2018, John Williams failed to pay around $306,500 in payroll taxes. He also neglected to send the employer's share of Social Security and Medicare taxes to the IRS, resulting in an additional debt of $128,943 during that period.

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How FICA Works

What is FICA and why does it take so much of your paycheck? Read about the purpose of FICA at HowStuffWorks.

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Biden wants to raise Medicare taxes for some Americans

Most Americans split a 2.9% Medicare tax with their employer. Under President Biden's plan, some Americans could pay up to 5%.

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