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Plan now to use Health Flexible Spending Arrangements
WEBThe Internal Revenue Service reminds eligible employees that now is the time to begin planning to take full advantage of their employer’s health flexible spending arrangement (FSA) during 2019. FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health plans. Because eligible employees …
Actived: 4 days ago
URL: https://vebcpa.com/2018/11/16/plan-now-to-use-health-flexible-spending-arrangements/
IRS Suspends Requirement to Repay Excess Advance Payments of …
WEBThe premium tax credit helps pay for health insurance coverage bought from the Health Insurance Marketplace. Eligible people can choose to have all, some, or none of the estimated credit paid in advance directly to their insurance company on their behalf. These payments – which are called advance payments of the premium tax credit, advance
Relief for FSAs VEB CPA
WEBThe IRS and Congress have provided COVID-19 relief for flexible spending account plans (FSAs). The new rules include: An unlimited carryover or 12-month grace period for unused amounts; Spend-down of unused health FSA benefits after mid-year participation termination; Mid-year election changes in 2021 are permitted. A plan is not …
Coronavirus Insurance and Coverage Changes for HDHPs, HSAs, …
WEBThe Coronavirus Aid, Relief and Economic Security (CARES) Act was intended to provide relief in response to the COVID-19 (Coronavirus) crisis. However, some non-COVID related items were also buried in the bill. These include temporary and permanent changes to: High-deductible health plans (HDHPs), Health Savings …
Category: Coronavirus Go Health
Cost of Home Testing for COVID-19 is Eligible Medical Expense
WEBThe Internal Revenue Service reminds taxpayers today that the cost of home testing for COVID-19 is an eligible medical expense that can be paid or reimbursed under health flexible spending arrangements (health FSAs), health savings accounts (HSAs), health reimbursement arrangements (HRAs), or Archer medical savings …
New Law Provides Additional Flexibility for Health FSAs and …
WEBEmployers may allow participants to carry over unused amounts The Internal Revenue Service provided greater flexibility, due to the pandemic, to employee benefit plans offering health flexible spending arrangements (FSAs) or dependent care assistance programs. Under the COVID-related Taxpayer Certainty and Disaster Tax Relief Act of …
Health Savings Accounts as Retirement Savings Plans VEB CPA
WEBWhen people think of tax-free retirement savings, they think of IRAs and 401(k)s. The problem with those, however, is they are taxed. Either the distributions are taxed at retirement or the contributions are taxed when earned. Health Savings Accounts (HSAs) do not share that problem. HSAs do come with one big problem, however. You …
Section 199A and Your Retirement Accounts VEB CPA
WEBIncome Limits on the 199A Deduction. Once taxable income exceeds a threshold amount, the taxpayer must begin excluding service business income from QBI. There are 13 types of service businesses, including health, law, accounting, consulting, and some investment and trading activities. The thresholds for 2019 are: $321,400 for joint …
VEB CPA VEB CPA
WEBVernoia, Enterline + Brewer, CPA LLC works with medical practices, dental practices, small- and mid-sized companies, and individuals providing accounting and advisory services including: Tax Management Services Assurance and Advisory Services Estate and Trust Planning and Tax Preparation IRS Representation QuickBooks Accounting Help and …
The American Rescue Plan Includes Retroactive Tax Benefits
WEBThe IRS reminds taxpayers who still haven’t filed, that several provisions of the American Rescue Plan affect their 2020 tax returns. One provision excludes up to $10,200 in unemployment compensation from income. Another provision benefits many people who purchased subsidized health coverage through either federal or state …
Gather Tax Documents Now for Smooth Filing Later VEB CPA
WEBThe Internal Revenue Service is reminding taxpayers that organizing tax records is an important first step for getting ready to prepare and file their 2020 tax return. Taxpayers should keep all necessary records, such as W-2s, 1099s, receipts, canceled checks and other documents that support an item of income, or a deduction or credit, …
The First Good Step of Tax Planning VEB CPA
WEBYear-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS. Good records help: Identify sources of income. …
Health Savings Accounts 2022 VEB CPA
WEB2022 Cost-of-Living Adjustments On May 10, 2021 the Internal Revenue Service (IRS) released Revenue Procedure 2021-25 announcing cost-of-living adjustments (COLAs) applicable to Health Savings Accounts (HSAs) for 2022. After application of the COLA rules, changes for 2022 include an increase in the contribution limits applicable to …
Limited Moving Expense Deduction VEB CPA
WEBIRS Issues 2018 Version of Publication 969 on HSAs, HRAs, Health FSAs, and MSAs The IRS has substantially revised Publication 521 (Moving Expenses) to reflect limitations on the moving expense deduction and the exclusion for moving expense reimbursements imposed by the Tax Cuts and Jobs Act. Those limitations suspended …
Employer Tax Credit for Family Leave VEB CPA
WEBEmployers who provide paid family and medical leave to their employees might qualify for a credit that can reduce the taxes they owe. It’s called the employer credit for family and medical leave. Here are some facts about the credit to help employers find out if they might be able to claim it. To be
Earned Sick Leave: What NJ employers need to know VEB CPA
WEBMost New Jersey employers are now required to provide employees with earned sick leave. The following information is taken from the NJ.gov website, and employers are encouraged to do their own research and seek legal advise if they have questions on this matter.
Put More Money Into ABLE Accounts VEB CPA
WEBTax reform allows people with disabilities to put more money into ABLE accounts, expands eligibility for Saver’s Credit. People with disabilities can now put more money into their tax-favored Achieving a Better Life Experience (ABLE) accounts and may, for the first time, qualify for the Saver’s Credit for low- and moderate-income workers, …
Employee Achievement Award Rules VEB CPA
WEBThe IRS reminds employers that last year’s Tax Cuts and Jobs Act made changes to several programs that can affect an employer's bottom line and its employees' deductions. This includes employee achievement awards. Here are some facts about these changes: Under previous law: Employers could deduct the cost of certain employee …
California Storm Victims Qualify for Tax Relief VEB CPA
WEBCalifornia storm victims now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). This means that individuals and households …
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