2013 Medicare Tax Increases: New Issues for Tax Return Preparers
Tackling the Net Investment Income Tax and Surtax on Wages and Self-Employment Income
Recording of a 110-minute webinar with Q&A
Conducted on Tuesday, January 22, 2013
Recorded event now available
This webinar will improve tax return preparers' familiarity with issues involving two new Medicare surcharge tax increases for high income earners effective Jan. 1, 2013. The panel will discuss the 3.8% Medicare surcharge on investment income and .9% Medicare surtax on wages and self-employment income.
The 3.8% surcharge is assessed on investment income and capital gains and is calculated differently for individuals than for trusts and estates. Individuals whose income is above a threshold amount will pay an additional Medicare surtax of .9%, so the top Medicare tax rate will be 2.35% (1.45% plus .9%) for wages over the threshold.
Selecting the appropriate filing status, properly computing the tax, and understanding the definition of net investment income could have a significant impact on tax obligations. The IRS has issued proposed guidance, but will not release final regulations until next spring.
Listen as our authoritative panel reviews the new Medicare surcharge rules and offers guidance in understanding the definition of net investment income. The panel will focus on selection of the filing status, outline ways to compute the tax, and discuss the Medicare surtax.
Net investment income tax
- Definition of net investment income
- Computing the tax
- Filing status selection implications
9% Medicare surtax on wages and self-employment income
- Issues for employers
- IRS guidance
The panel will review these and other key questions:
- What complexities should tax preparers be cognizant of with respect to the new taxes?
- What is included in net investment income?
- What impact could the selection of filing status have on the tax calculations?
- Can individuals work with their employers to arrange for withholding of the additional Medicare taxes, if the employees' wages might not have triggered an automatic withholding threshold?
Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.
Upon completing this seminar, you will have increased knowledge about the new Medicare surcharge rules and a better understanding of the definition of net investment income and ways to compute the tax.
Anne Bushman, Tax Services Manager
She is a federal tax specialist for partnership clients at the firm, researching and providing advice on partnership-related issues for regional offices. She previously worked at Deloitte Tax with closely-held businesses and high-net-worth individuals.
Mary B. Hevener, Partner
Morgan Lewis & Bockius,
She focuses her practice on benefits provided to employees and independent contractors outside of qualified retirement plans. She advises large U.S. and multinational companies on minimizing payroll taxes and maximizing corporate deductions with respect to worker benefits. She has been involved in tax litigation involving income tax withholding and FICA taxation of tax-qualified stock options.
Stephen J. Bigge, CPA, Partner
Keebler & Associates,
Green Bay, Wis.
Mr. Bigge focuses on developing comprehensive financial, estate and income tax analyses and wealth transfer techniques including FLP, GRATS, CRTs, ILITs and IDGTs. He specializes in estate, gift and retirement planning, charitable gift planning, as well as trust and estate administration. Mr. Bigge is also experienced in providing tax planning for individuals, trusts and flow-through entities and is a frequent writer for Taxes Magazine.
On-Demand Seminar - Audio Recording
Includes recorded streaming audio of full program plus PDF handouts.
Note: Self-study CPE and EA credits are not offered on on-demand webinars.
On-Demand Seminar Audio $49.00
Includes full event recording plus handouts.
Note: Self-study CPE and EA credits are not offered on recorded events.
Recorded Webinar Download $49.00
Recorded Audio Download (MP3) $49.00
DVD (Slide Presentation with Audio) $49.00 plus $9.45 S&H
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NASBA CPE Sponsor
Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.
Strafford is an IRS approved continuing education provider and this course is approved for 2 tax return preparer credit hours (tax law updates).
The presentation was lively and the content was presented very well.
Tiffany & Associates
I especially enjoyed the speakers examples and the Q&A section.
Robert Fabricant, CPA
Guilmartin, DiPiro & Sokolowski
I appreciated the ability to submit questions in advance via email.
Desmond & Ahern
The webinar provided good handouts that could be used later for reference material.
The webinar stayed on point and on topic. Plus, the speakers were understandable and provided practical solutions.
Hawkins Company CPAs
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Strafford is a NASBA CPE sponsor and our live webinars qualify for CPE credits. They offer you a high quality, cost effective, and convenient CPE option, with no lost travel time or expenses.