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Erica Good Pless

Erica Pless’s Legal Guides

5 total

  • 2013 Medicare Taxes

    Effective January 1, 2013, the Health Care and Education Affordability Reconciliation Act of 2010 added an additional 0.9% Medicare tax on wages and net self-employment income exceeding $200,000 for single taxpayers and $250,000 for married taxpayers. Also effective January 1, 2...

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  • Exceptions to the Taxability of Cancellation of Indebtedness Income

    Under well established income tax principles, when a borrower receives loan proceeds he or she does not include the amount in gross income because of the corresponding obligation to repay the loan. However, if the lender subsequently cancels or forgives the loan, the amount ...

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  • Trust Fund Recovery Penalty

    Employers who fail to properly withhold and pay employment taxes may be personally liable for a portion of the unpaid payroll taxes, referred to as "trust fund taxes."The trust fund portion consists of the federal income tax withheld from the employees' wages and the 50% of FICA...

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  • Foreign Account Tax Compliance Act (FATCA)

    Continuing its enforcement efforts of foreign account disclosure, Congress passed the Foreign Account Tax Compliance Act (FATCA) as part of the 2010 Hiring Incentives to Restore Employment Act (HIRE). FATCA created IRC 6038D, which requires "specified individuals" with interes...

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  • Tax Lien versus Tax Levy

    Many people use the terms "lien" and "levy" interchangeably but they are two very different IRS enforcement and collection tools. Taxpayers should be aware of the differences. When a tax liability is unpaid, the IRS is permitted to file a federal tax lien, which is the government...

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