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Social Security Administration

Clinton weighs making investment income taxable for Social Security

Clinton weighs making investment income taxable for Social Security

Nashua, NEW HAMPSHIRE (Reuters) – U.S. Democratic presidential candidate Hillary Clinton said on Tuesday that she would consider making investment income taxable through Social Security deductions in a bid to keep the government program afloat, the Wall Street Journal reported. Clinton, the front-runner for the party’s nomination in the Nov. 2016 contest, made the comments […]

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No levy to be imposed on Social Security disability insurance payments

No levy to be imposed on Social Security disability insurance payments

In a memo to its Collection staff, IRS’s Small Business/Self-Employed (SB/SE) Division has stated that it will not levy on Social Security disability insurance payments that are payable after Oct. 3, 2015. Click here for IRS’s Small Business/Self-Employed Division memo “Federal Payment Levy Program – Exclude Disability Insurance Payments” (Oct. 7, 2015). Background. Code Sec. 6331(a) […]

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Nanny tax threshold increases to $2,000 for 2016

Nanny tax threshold increases to $2,000 for 2016

The Social Security Administration has announced that, for 2016, cash remuneration paid by an employer for domestic service in the employer’s private home isn’t FICA wages if the amount paid during the year is less than $2,000 (up from $1,900 for 2015). See ssa.gov/OACT/COLA/CovThresh.html Note: The dollar threshold applies separately to each domestic employee.  

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COLAs alter optional methods for determining self-employment earnings for 2016

COLAs alter optional methods for determining self-employment earnings for 2016

The Social Security Administration has released various cost-of-living adjustments (COLAs) for 2016 including the quarter of coverage figure, which rises from $1,220 for 2015 to $1,260. The increase in the quarter of coverage figure serves to increase the lower and upper limits under optional methods for computing self-employment tax, as explained below.   Click here […]

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IRS won’t levy on Social Security disability insurance payments

IRS won’t levy on Social Security disability insurance payments

In a memo to its Collection staff, IRS’s Small Business/Self-Employed (SB/SE) Division has stated that it will not levy on Social Security disability insurance payments that are payable after Oct. 3, 2015.  Click here for IRS’s Small Business/Self-Employed Division memo “Federal Payment Levy Program – Exclude Disability Insurance Payments” (Oct. 7, 2015). Background. Code Sec. […]

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Social Security wage base remains at $118,500 for 2016

Social Security wage base remains at $118,500 for 2016

The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2016 will remain at $118,500. Click here for Social Security News Release, 10/15/2015 Note: The Social Security Act provides for an automatic increase in Social Security and Supplemental Security Income (SSI) benefits if there is an increase in the […]

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Supreme Court won’t hear case refusing to exclude medical residents from FICA

Supreme Court won’t hear case refusing to exclude medical residents from FICA

University of Texas System v. U.S., (CA 5 7/16/2014) 114 AFTR 2d 2014-5331, cert denied 4/27/2015   The Supreme Court has declined to review a decision of the Fifth Circuit which, affirming the district court, held that medical residents working for the University of Texas System were subject to FICA tax because the agreement between […]

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IRS Sets Out Rules For Reporting Sick Pay Paid By Third Parties

IRS Sets Out Rules For Reporting Sick Pay Paid By Third Parties

Notice 2015-6, 2015-05 IRB   In a Notice, IRS has provided that Form 8922 (Third-Party Sick Pay Recap) must be used by third parties and employers to report total payments of certain sick pay paid by third parties on or after Jan. 1, 2014. In particular, Form 8922 must be used for filing “third-party sick […]

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Washington Alert – IRS and the Dirty Dozen; EITC Enforcement; Qualified Zone Academy Bonds; Offer in Compromise Booklet Revised; Middle Class Economics

Washington Alert – IRS and the Dirty Dozen; EITC Enforcement; Qualified Zone Academy Bonds; Offer in Compromise Booklet Revised; Middle Class Economics

IRS on Feb. 9 published its complete list of the 2015 “Dirty Dozen” tax scams. (IR 2015-26) Commencing on Jan. 22, the agency cited one scam each business day in order to place more emphasis on each of the scams. The tax scams included the following – phone scams; phishing; identity theft; return preparer fraud; […]

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Washington Alert – TIGTA Report on IRS and ACA; Taxpayer ‘fundamental rights’; CBO Report on SSA benefits

Washington Alert – TIGTA Report on IRS and ACA; Taxpayer ‘fundamental rights’; CBO Report on SSA benefits

During the second half of fiscal year 2014, the Treasury Inspector General for Tax Administration (TIGTA) completed 75 audits and 1,636 investigations, according to a report the agency recently released. (Semiannual Report to Congress – April 1, 2014-Sept. 30, 2014) TIGTA’s combined audit and investigation efforts “recovered, protected and identified monetary benefits totaling $16.6 billion,” […]

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Social Security’s Strict Disability Rules – Free-Riding is Not as Easy as Many Seem to Think

Social Security’s Strict Disability Rules – Free-Riding is Not as Easy as Many Seem to Think

Social Security’s Strict Disability Rules – Free-Riding is Not as Easy as Many Seem to Think, as reported in the WS Journal. Projections that the Social Security Disability Insurance fund will run dry in two years, coupled with high-profile fraud cases, have many thinking that SSDI beneficiaries are milking the system while they lollygag on […]

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Safeguard Your Social Security Number – It’s the Last Thing You Want a Hacker to Have

Safeguard Your Social Security Number – It’s the Last Thing You Want a Hacker to Have

Safeguard Your Social Security Number – It’s the Last Thing You Want a Hacker to Have, as reported in the WS Journal. The rising number of data-security breaches has experts warning that it’s not a matter of if your identity will be stolen, but when. The Sony Pictures Entertainment breach in late November is a […]

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For Social Security Recipients, a 1.7% Raise – The Average Beneficiary Will Get a $22 Monthly Increase

For Social Security Recipients, a 1.7% Raise – The Average Beneficiary Will Get a $22 Monthly Increase

For Social Security Recipients, a 1.7% Raise – The Average Beneficiary Will Get a $22 Monthly Increase, as reported in the WS Journal. Tens of millions of elderly and disabled Americans will see a small bump in their government payments next year, another reflection of a sluggish economic recovery that has kept inflation low. The […]

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Federal-Benefit Changes for 2015 – A 1.7% Social Security Bump; A 3.6% Rise in Medicare Deductibles

Federal-Benefit Changes for 2015 – A 1.7% Social Security Bump; A 3.6% Rise in Medicare Deductibles

Federal-Benefit Changes for 2015 – A 1.7% Social Security Bump; A 3.6% Rise in Medicare Deductibles, as reported in the WS Journal. When you do the math on the increases in Social Security benefits and Medicare part A and B payments, then lump them with the changing costs of food, gas and health care, senior […]

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Social Security wage base increases to $118,500 for 2015

Social Security wage base increases to $118,500 for 2015

Social Security News Release, 10/22/2014 The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2015 will increase to $118,500 from $117,000, which was the wage base for 2014. The $1,500 increase, which is about 1.3%, is due to an increase in average total wages. The Federal […]

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Free Online Tools for Optimizing Social Security Benefits – We’ve Test-Driven Five of Them for You

Free Online Tools for Optimizing Social Security Benefits – We’ve Test-Driven Five of Them for You

Free Online Tools for Optimizing Social Security Benefits – We’ve Test-Driven Five of Them for You, as reported in the WS Journal. When is the best time to claim Social Security? Faced with cracked nest eggs and shrinking pensions, baby boomers on the brink of retirement are turning to a growing number of free online […]

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You’re Ready for Retirement, but Your Savings Aren’t – By Working Until You’re 70, You’ll Maximize Your Social Security Payout

You’re Ready for Retirement, but Your Savings Aren’t – By Working Until You’re 70, You’ll Maximize Your Social Security Payout

You’re Ready for Retirement, but Your Savings Aren’t – By Working Until You’re 70, You’ll Maximize Your Social Security Payout, as reported in the WS Journal. Here’s a grim statistic: Half of workers age 55 and older have less than $50,000 in savings, according to the Employee Benefit Research Institute’s 2014 Retirement Confidence Survey. Some […]

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A Smart Use of Social Security Survivor Benefits They Can Provide a File-and-Suspend Strategy for Widows and Widowers

A Smart Use of Social Security Survivor Benefits They Can Provide a File-and-Suspend Strategy for Widows and Widowers

A Smart Use of Social Security Survivor Benefits -They Can Provide a File-and-Suspend Strategy for Widows and Widowers, as reported in the WS Journal. We’ve written about how the file-and-suspend strategy for Social Security benefits can help married couples: The higher-earning spouse reaches full retirement age, files for benefits and delays receiving them in return […]

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When It’s Pension Plan vs. Social Security – The ‘Government Pension Offset’ Can Slash Your Benefit

When It’s Pension Plan vs. Social Security – The ‘Government Pension Offset’ Can Slash Your Benefit

When It’s Pension Plan vs. Social Security – The ‘Government Pension Offset’ Can Slash Your Benefit, as reported in the news of the WS Journal. Jo G., a retired teacher from Chula Vista, Calif., wonders what impact her pension from the California State Teachers’ Retirement System, known as Calstrs, will have on the widow’s benefit […]

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2014 Brings Changes in Retirement Benefits – Social Security Payouts, Medicare Copays Will Rise Modestly

2014 Brings Changes in Retirement Benefits – Social Security Payouts, Medicare Copays Will Rise Modestly

2014 Brings Changes in Retirement Benefits – Social Security Payouts, Medicare Copays Will Rise Modestly, as reported in the WS Journal. The new year will usher in some simple but significant changes to Social Security and Medicare benefits for the more than 57 million Americans who receive them. The widely watched cost-of-living adjustment will be […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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