The IRS recently released Notice 2019-45 which expands the list of preventive care allowed with health savings accounts (HSAs). This notice focuses on treatment and testing for individuals diagnosed with certain chronic conditions, making care and prevention more affordable to taxpayers with high deductible health care plans. Created in 2003, HSAs have become an increasingly …
The most exciting time of year is back! That’s right, football season has kicked off with NFL training camps in full swing. Did you think I would mention Christmas? That is still about 130 days away, which leaves plenty of time to shop. I do a lot of my shopping at the NFL Team Store …
Easy peasy now takes on a whole new meaning. And stranger yet, it’s happening in the tax world. The IRS just launched a new IRS Tax Withholding Estimator. With efforts to improve services for taxpayers, the new Estimator replaces the old Withholding Calculator. I think we can all agree it was time for a facelift. …
The kids are finally going back to school, and you uncover an unruly pile of paper accumulated during the year that you will need for your tax return. “Oh, how I wish I had a better way to organize these records!” you mutter under your breath. Well, it’s never to late to start, and certainly …
Though it may be the most recognizable name, Bitcoin has been one of many cryptocurrencies on the market. Companies like JP Morgan and Facebook are now starting to roll out currencies of their own. Whether using virtual currencies as a currency or as an investment, it is important to identify the possible tax challenges associated …
With summer break being in full swing, many high school and college students will pick up summer jobs. More times than not, when we prepare these tax returns, we find that their federal tax withholding far exceeds their actual tax liability. While this isn’t necessarily a bad thing, there are a couple of things that …
If you’ve suffered a disability, hopefully you are fortunate enough to have disability insurance to help you out. Once you start receiving disability income, you might start to wonder “is this taxable?” The answer to that question is the same as so many questions when it comes to taxes: it depends. Don’t miss: Splitting passive …
Many couples acquire partnership interests during marriage that generate large passive losses. If they don’t have enough passive income to offset these losses, the losses are suspended under the passive activity rules. For couples residing in a community property state, the losses are deemed to be owned 50% by husband and 50% by wife. Don’t miss: …
In an age where tax filing and compliance can become overly complicated and burdensome, Nevada has eased some filing requirements. This is good news. The Commerce Tax became effective in Nevada about four years ago. The Silver State enacted a new Commerce Tax applicable to business entities (including disregarded entities) whose Nevada gross revenue exceeded …
Ever since cryptocurrency began entering the mainstream vocabulary in the last few years, tax professionals have struggled with various reporting requirements related to virtual currency. The IRS eventually provided guidance regarding the reporting of sales and exchanges of cryptocurrency, as well as what transactions are subject to ordinary income treatment versus capital gain. Don’t miss: …
The new revenue recognition standard takes effect for most private companies in 2019, but you can’t wait until then to learn about this. Download our new e-Book now.
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