The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA Basics An HSA is a trust created or organized exclusively for the purpose of paying the ‘qualified medical expenses’ of an ‘account beneficiary.’ An HSA can only be established for the benefit of...
The U.S. Supreme Court's June 2018 landmark case of South Dakota v. Wayfair, Inc. (Wayfair) has led to increasingly complex rules and left businesses with exposure related to sales and use taxes and interstate sales. As the result of Wayfair, states have initiated responsive legislation...
Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus pandemic. The IRS reports that in the first four weeks of the program, 130 million individuals received payments worth more than...
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional individual retirement account (IRA) contribution for the 2019 tax year between now and the extended tax filing deadline and claim the...
The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. If you are an employee who telecommutes, there...
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an...
Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security Act. Answers to questions you may have...
The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the coronavirus (COVID-19) pandemic. The two laws are the Families First Coronavirus Response...
In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Some new announcements made by the IRS are as follows: Additional Deadlines Extended As...
As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax law passed on March 27. The Coronavirus Aid, Relief, and...