The Catholic University of America

Summary of Federal Laws

Tax

Tax Issues Related to Employment

Wages

26 U.S.C. § 3401; 26 CFR 31.3121(a)(1)

The term wages is defined as all remuneration for services performed by an employee for his employer with certain enumerated exceptions. The name by which the remunerations for services is designated is immaterial. Remuneration is wages even though at the time paid the relationship of the employee and employer no longer exists.

Resources

IRS Notice 2019-09 Interim Guidance by IRS on Tax Cuts and Jobs Act new tax on highly paid University officials

This is a 92 page document advising on how to report and pay the excise tax. Regulations will be issued.  

IRS PPT on Additional Wages*(includes non cash compensation, moving expenses, etc. 

IRS Form W-2 

IRS Publication What is Taxable and Nontaxable Income?

ABA article on The Tax Consequences of Settling an Employment Claim

Impact of 2018 Tax Changes on Taxation of Employment Related Settlement Payments by General Counsel PC

 

 

 

updated 1-10-19 by mlo