News & Analysis as of September 7, 2025

Withholding Requirements

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

FICA Tax: Navigating the Nonqualified Deferred Compensation Special Timing Rule

Proskauer - Employee Benefits & Executive... on 9/4/2025

Compensation is generally subject to federal income tax and FICA tax when compensation is actually paid to an employee. However, nonqualified deferred compensation (NQDC) may be subject to FICA taxation before federal income...more

IRS Opens 2020 With New W-4 For Employers

Burr & Forman on 2/20/2020

With the implementation of the Tax Cuts and Jobs Act of 2017, it was only a matter of time before the IRS issued a new W-4 Employee Withholding Certificate form. Employers use the W-4 to determine how much pay to withhold...more

Payers and Payees have Obligations to Comply with Backup Withholding

Foodman CPAs & Advisors on 12/20/2019

Backup Withholding requires a payer to “withhold tax” from payments that are not otherwise subject to withholding. A Taxpayer (payee) may be subject to Backup Withholding if it...more

Still Tax, Even Without the Distributed Cash

McDermott Will & Schulte on 10/22/2019

The IRS recently issued guidance on the tax treatment, withholding and reporting for required distributions from tax-qualified retirement plans. Plan sponsors should contact their retirement vendors and trustees to ensure...more

How to Avoid IRS Estimated Tax Penalties

Burr & Forman on 9/4/2018

Changes have been made to the income tax withholding tables and estimated tax rates as a result of the new Tax Cuts and Jobs Act. Taxpayers should pay extra attention now to their tax withholdings and estimated tax payments...more

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