Inflation enhances the 2023 amounts for Health Savings Accounts

The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years. HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of […]

IRS update on delays

Many officials and groups have already weighed in on the IRS’s various pandemic-related delays and administrative problems. Now, National Taxpayer Advocate Erin Collins is recommending that the IRS extend the window for taxpayers to claim refunds and waive the time limit for filing refund suits. In normal times, taxpayers can generally request a credit or […]

Russia sanctions

President Biden has widened the circle of U.S. businesses prohibited from working in Russia or for Russian nationals to accounting, corporate formation and consulting services. (The newest sanctions don’t mention legal services.) In addition, sanctions have been extended to include industrial goods exported from Russia, limits on Russian state-controlled TV stations and visa restrictions on […]

Caring for an elderly relative? You may be eligible for tax breaks

Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. 1. Medical expenses. If the individual qualifies as your “medical dependent,” and you itemize deductions on your tax return, you can include any medical expenses […]

National Wildfire Awareness Month

The month of May is National Wildfire Awareness Month. In fact, wildfires are currently raging in New Mexico. The IRS recently issued tips for individuals and businesses to prepare in case they become victims of a natural disaster of any kind. These tips include securing key documents, such as tax returns, birth certificates and insurance […]

Payroll Taxes

The IRS is reminding business owners of the option to electronically file their payroll tax returns and make tax payments. Also known as employment taxes, payroll taxes include federal (and possibly state) income tax withheld from employee wages, as well as the employer and employee portions of Social Security and Medicare taxes. Taxpayers can file […]

Management letters: Follow up on your auditor’s recommendations

Maintaining the status quo in today’s volatile marketplace can be risky. To succeed, businesses need to “level up” by being proactive and adaptable. But some managers may be unsure where to start or they’re simply out of new ideas. Fortunately, when audited financial statements are delivered, they’re accompanied by a management letter that suggests ways […]

Work Opportunity Tax Credits

Even in a tight labor market, some job seekers have trouble finding employment due to such factors as long-term unemployment, veteran status, disability and former incarceration. But the Work Opportunity Tax Credit may help by giving employers who hire eligible individuals a tax credit generally equal to 40% of up to $6,000 in wages paid […]

Crypto-Assets

Some observers have noted that the digital asset reporting model proposed in President Biden’s fiscal 2023 budget is very similar to that put forward by the multinational Organization for Economic Cooperation and Development (OECD). But, as a U.S. Treasury official has stated, the OECD model is narrower in scope and “focuses on transactions involving dispositions […]

How poison pills can help cure companies of hostile investors