Discover the benefits of Health Savings Accounts (HSAs) and how they can help you save on taxes while covering your medical expenses. Learn about the increased contribution limits for 2024 and maximize the potential rewards of this often-underutilized healthcare savings tool.
Looking to invest in energy-saving measures? Find out how the Inflation Reduction Act of 2022 has increased tax credits for energy-efficient home improvements and residential clean energy property. This article explains eligibility criteria and credit limitations to help taxpayers make informed decisions.
Confused about which nutrition, wellness, and general health expenses may be considered medical expenses? The IRS has published a series of FAQs to help clarify this. In this article, we explore these FAQs and offer guidance on when and how certain expenses may be eligible for deductions.
The Cyber Incident Reporting for Critical Infrastructure Act of 2022 (CIRCIA) requires critical infrastructure organizations to report cyber incidents to the Cybersecurity and Infrastructure Security Agency (CISA) and aims to improve collaboration between public and private sectors to address cybersecurity threats. This article provides an overview of CIRCIA, the Ransomware Vulnerability Warning Pilot, and measures businesses can take to protect against cyberattacks.
Many organizations are turning to outsourced bill-pay services to solve these issues, which can help improve efficiency, accuracy, and security. Learn about the benefits of outsourcing your accounts payable process.
The IRS announced a new filing exception for the 2022 tax year that allows domestic partnerships and S corporations to skip the completion and filing of Schedules K-2 and K-3 under certain circumstances. Read our article to learn more.
The tax treatment of business interest expense is governed by Section 163(j) which places limits on the amount of interest businesses can deduct on their tax returns based on their income and other factors. Unfortunately, the calculation for determining a company’s limit has changed starting with the tax year 2022 and stands to impact many large businesses negatively.
The Internal Revenue Service (IRS) has slightly changed the wording of the tax forms for the 2022 tax year regarding the declaration of cryptocurrency transactions by taxpayers. Learn more about the change.
The SALT deduction has been a longstanding benefit for taxpayers who pay state and local taxes. However, recent limitations to the SALT deduction have left taxpayers in high-tax states looking for alternatives. One such option is the PTE tax election, which allows pass-through entities to pay and deduct state and local taxes on behalf of their owners.
If you are an employer or benefits administrator, it is important to stay up-to-date on the latest benefit plan limits and thresholds to ensure that your plans are in compliance with the law and that you are providing the best possible benefits to your employees. In this article, we will provide an overview of the benefit plan limits and thresholds for 2023.
