Thetaxadviser.com

Inflation boosts HSA amounts for 2023

WEBHSA contributions. The 2023 maximum contribution that may be made for calendar 2023 by an individual with self-only coverage will be $3,850, representing a …

Actived: 6 days ago

URL: https://www.thetaxadviser.com/news/2022/apr/inflation-boosts-hsa-amounts-for-2023.html

Beware of tax promoters purporting to save employment taxes on …

WEBThe most recently issued advice, CCA 201719025, highlights the fact that promoters are selling self-funded health plans, referred to as wellness plans or fixed …

Category: Health Go Health

Worth amending for: Credits for sick and family leave

WEBFor sick and family leave that occurred between Jan. 1, 2021, and Sept. 30, 2021, an amendment to claim the credit is eligible to be filed up to April 18, 2025. …

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Employee wellness plans: Some benefits may be taxable

WEBThe unique qualities of fixed-indemnity wellness plans have led to some confusion concerning the taxability of benefit payments. The IRS issued Chief Counsel …

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Health reimbursement arrangements for small employers

WEBThe IRS recently issued Notice 2017 - 67 to provide guidance on "qualified small employer health reimbursement arrangements" (qualified small employer HRAs) …

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Inflation-adjusted limit for 2021 HRAs issued

WEBThe IRS on Friday provided the maximum amount allowed to be newly made available to participants of excepted benefit health reimbursement arrangements …

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2022 HSA, excepted-benefit HRA amounts increase slightly

WEBThe maximum amount that may be made newly available for plan years beginning in 2022 for an excepted-benefit HRA under Regs. Sec. 54.9831-1 (c) (3) (viii) …

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Contributions to HSAs

WEBThe maximum annual contribution to an HSA is the sum of the limits determined separately for each month, based on status, eligibility, and health plan …

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Application of Sec. 199A deduction to health care

WEBApplication of Sec. 199A deduction to health care. On Dec. 22, 2017, President Donald Trump signed the law known as the Tax Cuts and Jobs Act (TCJA), …

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Tax Court Rules on Medical Necessities

WEBThe Tax Court contended that both the deduction for medical care and the exclusion for cosmetic surgery depend on the meaning of “treatment” and “disease.” 19 A medical …

Category: Medical Go Health

Tax Planning for Aging Clients: Medical Expense Deduction for …

WEBThe Home Improvement Medical Expense Deduction. Sec. 213 (a) allows taxpayers to deduct expenses paid during the tax year for medical care of the taxpayer, …

Category: Medical Go Health

COVID-19 coverage without a deductible ends next year

WEBHigh-deductible health plans (HDHPs) will generally no longer be permitted to cover testing for and the treatment of COVID-19 without a deductible or with a …

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Fundamentals of voluntary employees’ beneficiary associations

WEBThe voluntary employees' beneficiary association (VEBA), a vehicle tax - exempt under Sec. 501 (c) (9), has seen its heyday come and go. Created to provide for …

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IRS announces 2021 HSA limits

WEBIn Rev. Proc. 2020-32, the IRS announced the annual inflation-adjusted limits on deductions for contributions to a health savings account (HSA) allowed for taxpayers …

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Health savings accounts can save taxpayers money

WEBOctober 10, 2019. Health savings accounts (HSAs) have become more popular in recent years as a tax-saving device. High-deductible health insurance plans with HSAs are …

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Small Businesses Bear a Significant Portion of Federal Tax …

WEBUsing a prudent tax adviser is economical for some, but it is a luxury for others, particularly for U.S. small businesses. This item focuses on small businesses that are independently …

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PPACA Guidance Clarifies Rules for HRAs, Health FSAs, and Other

WEBEditor: Michael Dell, CPA. Employee Benefits & Pensions. In Notice 2013-54, the IRS provided long-anticipated guidance on when employers may use arrangements such as …

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How an HSA can be viewed as a flexible tax-favored investment

WEBTOPICS. EXECUTIVE. SUMMARY. Besides providing a tax-favorable option for taxpayers to pay out-of-pocket medical expenses, HSAs can be used as a flexible tax …

Category: Medical Go Health

Pitfalls and treasures of the QBI deduction

WEBEditor: Valrie Chambers, CPA, Ph.D. The Sec. 199A qualified business income (QBI) deduction is a game-changer in many ways, both obvious and not-so …

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Alimony deduction and income exclusion allowed for insurance …

WEBDecember 1, 2021. A taxpayer, who was required under a 2014 settlement agreement incident to divorce proceedings to pay health insurance premiums for his wife during the …

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