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Dec 31, 2004 - 5:05AM

IRS Issues More Info on FICA Issue

IRS GuideWire
Dec. 21, 2004

Revenue Procedure 2005-11

Revenue Procedure 2005-11 (PDF) (www.irs.gov/pub/irs-drop/rp-05-11.pdf) provides a safe harbor that certain institutions of higher education and certain affiliated organizations can use in applying the exception for services performed by a student provided under the Internal Revenue Code. There is a related Treasury news release and final regulations for the student FICA exception at Treasury's Web site (www.ustreas.gov/press/releases/js2165.htm).

This guidance will appear in Internal Revenue Bulletin 2005-02, Jan. 10, 2005.

Zip Code: cpa@mdtaxes.com

Neil

Jan 5, 2005 - 8:20PM

Re: IRS Issues More Info on FICA Issue

Can you please summarize in english?

Zip Code: tceg@yahoo.com

Feb 2, 2005 - 5:06PM

Re: Re: IRS Issues More Info on FICA Issue

here's your summary..

Our government has officially modified their regulations to clearly exclude any medical resident or intern from getting a FICA refund. The modified regulations appear to be specifically targeting residents and interns, but don't take effect until April 1, 2005. My guess is the IRS will try to apply them to all the amended returns they've been stalling on anyways. In other words, these a-holes are f-ing us over, because they honestly don't give 2 sh#ts about anyone - they just want our f-ing money.

Zip Code: ronmbmd@houston.rr.com