Form 8274 must be signed by an official authorized to sign tax returns on behalf of the organization. Qualifying organizations must file their election on or before the day before they would otherwise have been required to file their first quarterly return, disregarding any extensions of such due date.
Any election filed after the time period specified is ineffective.
The election may be revoked by the organization under regulations to be issued. The Commissioner may permanently revoke the election if, under certain circumstances, the organization fails to furnish the information required under IRC 6051. Employees of such entities are treated like other employees of state and local governments. Common Paymaster Rules Present law requires an employer to pay FICA taxes with respect to a given employee only up to the amount of annual wages referred to as the wage base. Thus, if an employee works for more than one employer during the year and if his annual wages exceed the tax base, employer FICA taxes, taking into account all the employers for whom the individual worked, may be paid on amounts in excess of the wage base.