FICA and FUTA taxes for deferred compensation

The IRS will not challenge FICA and FUTA tax liability determinations by an employer if they are based on a reasonable, good-faith interpretation of Section 3121(v)(2) and Section 3306(r)(2) (covering FICA and FUTA taxes on deferred compensation) until regulations interpreting the sections are issue...

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Bibliographic Details
Published inThe Tax Adviser Vol. 26; no. 6; p. 328
Main Authors Amoroso, Vincent, Patterson, Martha Priddy
Format Magazine Article Trade Publication Article
LanguageEnglish
Published New York American Institute of CPA's 01.06.1995
American Institute of Certified Public Accountants
Subjects
Compensation plans
Deferred compensation
Employees
Employers
Internal Revenue Code
Laws, regulations and rules
Section 3121(v)
Section 3306(r)
Taxation
Taxes
Unemployment insurance
Wages & salaries
Withholding taxes
United States
United States > US
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Summary:The IRS will not challenge FICA and FUTA tax liability determinations by an employer if they are based on a reasonable, good-faith interpretation of Section 3121(v)(2) and Section 3306(r)(2) (covering FICA and FUTA taxes on deferred compensation) until regulations interpreting the sections are issued, according to Notice 94-96.
ISSN:0039-9957