Who’s Getting The $90 Medicare Payment?
More than 20 million Medicare beneficiaries will receive a one-time $90 payment in October. Here’s who qualifies, where it comes from, and whether it’s taxable.
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$500 Obamacare “Refund” Checks Are Going Out. Here’s What You Need To Know
Nearly one million Americans are getting $500 Obamacare refund checks. Here’s who gets one, where the money comes from, and what taxpayers should know.
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Using HSAs to Maximize Your Tax and Retirement Savings
What’s the best tax deduction or tax break available? I hear that question all the time, and I often point people to health savings accounts, or HSAs. While many people believe healthcare expenses are the biggest deductions they can claim, thinking about your HSA as a large tax deduction and even a potential retirement account…
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Bill To Decriminalize Marijuana For Federal Purposes Passes House
As more and more states legalize marijuana, pressure has been growing for Congress to take some action. This week, the House passed legislation that would end the federal ban on marijuana. The Marijuana Opportunity Reinvestment and Expungement Act (MORE Act) garnered bipartisan support, passing with a 228-164 vote in the House. Under the terms of…
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Should You File A Protective Claim For Refund In 2020?
To file or not to file? That’s the question that has been posed many times over the past week or so with respect to protective claims for refund for 2016 tax returns. Here’s what you need to know. The Supreme Court of the United States (SCOTUS) is slated to consider California v. Texas this fall. The case…
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IRS Guidance Give Employers Flexibility For Benefit Plans During COVID-19 Crisis
Whether you’re reading this from your living room while in your pajamas, or safely tucked away in your newly-renovated laundry room turned home office, you’ll probably agree that employment has changed over the past several weeks. Because of COVID-19, governors and municipalities have issued stay-at-home and other orders, resulting in the complete or partial shutdowns…
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IRS: High-Deductible Health Plans (HDHPs) Can Cover COVID-19 Related Costs
The Internal Revenue Service (IRS) has announced that high-deductible health plans (HDHPs) can pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status. This also means that an individual with an HDHP that covers these costs may continue to contribute to a health savings account (HSA). The notice is in response to growing…
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Study Suggests That Raising E-Cigarette Taxes Could Encourage Traditional Smoking
Sin taxes are excise taxes imposed on goods or behaviors – like booze and cigarettes – that lawmakers deem harmful. In addition to raising revenue, the idea is that bumping taxes high enough should trigger a slowdown in the behavior. But what happens if taxpayers simply exchange the “sinful” behavior – not for a “better”…
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Tax Extender Bill Means Return Of Some Popular Deductions
There’s snow on the ground, the calendar is winding down, folks are gearing up for the new year, so of course, we’re getting… EXTENDERS? Yes, it’s true. With the clock ticking, Washington appears to have reached a deal on tax extenders. Extenders are a term used to refer to expired or expiring tax provisions and…
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Obamacare Taxes On The Chopping Block In Proposed Spending Bill
Negotiations are ongoing, but it looks like the fiscal year 2020 spending bill will include permanent repeal of up to three Obamacare taxes: the so-called “Cadillac” tax on health insurance benefits, an excise tax on medical devices, and the Health Insurance Tax. The three taxes were part of the Patient Protection and Affordable Care Act,…
