Guidance issued on additional Medicare tax

The IRS issued proposed regulations concerning the 0.9% Medicare surtax, which takes effect next year (REG-130074-11). The proposed regulations contain guidance for employers and individuals on the implementation of the tax, including the requirement to file a return reporting the tax, the process for employers to make adjustments of underpayments and overpayments of the tax, and the processes for employers and employees to file claims for refund for an overpayment of the tax. The IRS intends to finalize the rules in 2013; however, taxpayers may rely on the proposed rules now.

Read more at The Journal of Accountancy…

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