For an employer to file for a refund of overpaid FICA taxes, employee consent is needed. New IRS guidance explains “reasonable efforts” to obtain the consent. It clarifies that an employer cannot obtain a refund for overpaid additional Medicare tax (0.9% on earned income).
Barbara Weltman
Big Ideas for Small Business, Inc.
Subscribe and download our eBook, "150+ Tax Deductions for Small Business A to Z."
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It's important to take care of ourselves and take steps to nourish ourselves--body, mind and soul. We may have to do this in different and creative ways now that many of us are staying at home. It's still important that we take time for ourselves. #selfcare #Health