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Form 944 (PR) online LA: What You Should Know

The Internal Revenue Code, 26 U.S.C. Section 1128A, requires taxpayer submissions of Social Security and Medicare taxes. Section 1128A imposes strict qualification requirements that limit the range of income from which Social Security and Medicare tax deductions are provided.  The proposed collection provision (Revised Treasury Regulation (B)(2) (1-1)(Wii)) states that an employer must submit Form 944-SS (Social Security and Medicare Information Return, in addition to the tax forms required under section 1128) and Form 944-PR to the Internal Revenue Service in order to receive a tax credit equal to the employer's share of the FICA taxes paid by the employee on amounts paid at or below the threshold amount. The proposed collection provision is consistent with that made pursuant to IRC section 1128A by statute and with established guidance. If a taxpayer does not receive Form 944-SS or Form 944-PR, the taxpayer is still required to complete the required tax forms so the employer's FICA tax liability will be properly attributed to all employees.   The proposed collection provision will be effective for calendar year 2013.   The proposed collection provision does not change the requirement for an employer to keep any records of the social security tax payment.  The Internal Revenue Service would retain the authority to collect from taxpayers and withhold and credit, if appropriate, to the taxpayer the amount of the social security tax. The IRS will be the final authority to assess the amount of the social security tax and to collect that amount from the taxpayer for each employee.   IRS Comment: The proposed regulation is to provide a more detailed description of the form, to provide additional guidance with respect to the amount of credit and to provide for a period for comment on proposed guidance about the amount of the credit.  IRS Comment: A separate statement is provided to clarify the requirements for the employer to certify that the information reported on Form 944 is correct and complete to the extent it is reasonably available to it from the information required to be reported on Form 944.   IRS Comment: The proposed regulation enables a new administrative procedure for filing Form 944-PR.  The Notice of Proposed Rule making addresses many of the issues raised by the comments.  (a) General. The proposed regulation is intended to provide employers, taxpayers and tax administrators the flexibility to meet the social security and Medicare tax requirements.

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