April 2022
Intermediate to advanced
208 pages
6h 6m
English
Content preview from Tax Planning and Compliance for Tax-Exempt Organizations, 6th Edition
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CHAPTER 25Employment Taxes
p. 827. Add at end of first paragraph:
Under the Families First Coronavirus Response Act in March 2020, employers are required to provide paid leave for workers unable to work for reasons related to COVID-19 during 2020 (IRS Notice 2020-54). Those wages are reportable either on Form W-2, Box 14, or on a separate statement. Self-employed individuals must also be provided the information needed to claim equivalent refundable credits (IRS Notice 2020-31).
p. 827. Add to bullet list:
- Provisions relating to plan amendments are provided in Rev. Proc. 2020-68, 2020-38 IRB, September 2, 2020.
§ 25.1 Distinctions Between Employees and Independent Contractors
(b) Independent Contractors
p. 831. After numbered list, add new paragraph:
Clarification of the amount of income used to calculate the permissible retirement plan contributions by a self-employed individual was released in September. For self-employed individuals, IRC § 404(a)(8)(B) provides that “earned income” as defined in IRC § 401(c)(2) must be used in place of “compensation” when computing the deductible limit under IRC § 404(a)(3). Generally, while earned income must be attributable to the individual's personal services in conducting a trade or business, “compensation” is remuneration ...
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