Nonprofit gets same refund interest as for-profits

Nonprofit gets same refund interest as for-profits

Maimonides Medical Center, a nonprofit corporation operating a teaching hospital in Brooklyn, NY, is not entitled to a better interest rate on the refund of over-paid FICA taxes than a for-profit corporation, the Second Circuit Court of Appeals has held.  It has affirmed a District Court decision saying that the statutory provision for refund interest applies to for-profit and nonprofit corporations alike. 

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