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Court deems severance be taxed as pay
While several of its current rulings generated large headlines, the U.S. Supreme Court recently decided a case that received far less attention despite costing companies and individual taxpayers up to an estimated $1 billion. Ending years of uncertainty, the court ruled that severance pay is taxable under the Federal Insurance Contributions Act (FICA), closing the door to possible tax overpayment refunds…Read More
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