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TPA Retirement Plan Consultant EPIC RPS (TPA/DPS)
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New York City District Council of Carpenters Benefit Funds
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Pollard & Associates
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Some Severance Held Exempt from FICA Again: Consider Filing Protective Refund Claims (PDF)
Seyfarth Shaw LLP [Guidance Overview] Mar. 25, 2010 1 page. Excerpt: A Federal District Court in Michigan, in a case involving the bankruptcy of the Quality Stores discount chain, has held that some types of severance pay are exempt from social security taxation under the Federal Insurance Contributions Act (FICA), and that the employer was entitled to a refund of FICA tax that it had previously paid on the severance. While the decision is certain to be appealed by the IRS, employers who have made significant severance payments in open tax years (generally 2006 or later) may want to consider filing protective claims for refund of FICA payments until the matter is resolved. |
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