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Was your company forced to lay off employees during the recent economic downturn? You may be in line for a refund for some of the taxes paid on severance amounts but depending on when the payments were made, you may have to act fast. A recent U.S. District Court case ruled that these amounts do not constitute wages for FICA payroll tax purposes. Here are the details of the new case and what they might mean for your company.
Does your business reward employees with bonuses and gifts? These gifts, as well as fringe benefits, may have tax consequences for your company and the recipients. While it's not impossible for an employer to give a tax-free gift to an employee, it is difficult to do, as one Tax Court case illustrates. Educate your employees about the tax implications of bonuses, fringe benefits and perks to prevent a backlash of employee dismay at tax time. Click "Full Article" for a look at the issue.
You can get a double bonus when you give appreciated assets to a charity. But don't donate too much! Here is some guidance on how you can maneuver large contributions to safeguard your tax deductions.