Welcome to the MDTAXES Message Board

The MDTAXES Network is an affiliation of CPAs that specialize in the tax planning and preparation for young health care professionals.  Please leave your questions or comments for our CPAs, who visit the message board regularly, or review the answers, suggestions and ideas posted in response to your colleagues' questions.

Please check out our other Message Boards available at www.FindAGoodCPA.com.

Please note: We are NOT affiliated with the Maryland Tax Department. If you're looking for information about Maryland income taxes, go to www.marylandtaxes.com.

Original MDTAXES Forum
Start a New Topic 
Author
Comment
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

Re: IRS Issues More Info on FICA Issue

Can you please summarize in english?

Zip Code: tceg@yahoo.com

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