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Total Articles: 2

2019 Social Security Taxable Wage Base Marks Notable 3.5% Increase

The Social Security taxable wage base - the ceiling on the 6.2% Social Security portion of FICA taxes - will be $132,900 in 2019. This represents a 3.5% increase over the 2018 taxable wage base of $128,400, and is one of the larger percentage increases in several years.

IRS Issues Interim Guidance on Abatement of Failure to Deposit Penalty For 'Unbanked' Business Taxpayers

The IRS has issued a memorandum (#SBSE-04-0615-0045) providing interim guidance on abatement of the failure to deposit penalty under Internal Revenue Code (IRC) § 6656. The guidance applies to businesses that are unable to get a bank account (the unbanked) or make other arrangements for making federal tax deposits of corporate income, employment (Social Security and Medicare) and excise taxes using the Electronic Federal Tax Payment System (EFTPS), as required by IRC rules.
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