Are you familiar with Health Savings Accounts (HSAs)? These are accounts that participants, their family members and employers can contribute to on a tax-advantaged basis. Such contributions are considered employer-provided coverage of medical costs...

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Health insurers, employers that sponsor self-insured health plans and other minimum essential coverage providers are required to report certain coverage information to the IRS. The tax agency uses it to determine employer shared responsibility...

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Now that the last quarter of 2024 is here, it’s a good time for accrual-basis businesses to clean up their books and possibly lower their taxes. Review your receivables to see if there are...

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The IRS has announced disaster tax relief for individuals and businesses affected by Hurricane Helene. This covers the entire states of Alabama, Georgia, North Carolina and South Carolina, as well as parts of Florida,...

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Many Americans donate to IRS-approved nonprofit organizations they wish to support. If they itemize deductions at tax time, donors may also get a tax break. But if a nonprofit violates tax laws and rules,...

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For taxpayers who’ve obtained a filing extension for their 2023 federal income tax return, the extended deadline is rapidly approaching: Tuesday, Oct. 15. To be able to file by the deadline, you’ll need to...

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With temperatures cooling in many parts of the country, homeowners may want to lower their utility bills (and score tax breaks) by installing solar panels. Use caution, says the National Taxpayer Advocate (NTA). While...

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Early voting for the 2024 election has already kicked off in some states, but voters are still seeking additional information on the candidates’ platforms, including their tax proposals. The details can be hard to...

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The IRS’s second Employee Retention Credit Voluntary Disclosure Program (ERC-VDP) is available until Nov. 22, 2024. It’s designed to help companies repay ERCs they received erroneously. The second ERC-VDP is a little different from...

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The IRS has released new 2024–2025 special per diem rates for expenses incurred when traveling away from home. They include the 1) transportation industry meals and incidental expenses (M&IE) rates, 2) incidental expenses only...

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