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Changes in the Tax Law

The Tax Bill is now in conference trying to reconcile the differences between the House version and the Senate Version.  Here are some of the differences and what is being proposed by each. With respect to individuals, some of the[...]

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Qualified Small Employer Health Reimbursement Arrangements

Section 18001 of the 21st Century Cures Act amends the Code, ERISA, and the ACA to exempt qualified small employer health reimbursement arrangements (QSEHRAs) from certain requirements that apply to group health plans. As a result, such plans can now[...]

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New Mileage Rates for Autos for 2017

Beginning on January 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: (1) 53.5 cents per mile driven for business purposes; (2) 17 cents per mile driven for medical[...]

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Taxpayer Transcripts Can Be Requested By An IRS APP

The IRS has encouraged taxpayers who need a transcript to obtain one online rather than by mail or telephone. The IRS has an app – “Get Transcript” – on its website. A transcript shows most line items from the return that the[...]

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Protecting Americans from Tax Hike – Legislation Passed

Year-end legislation makes permanent a number of tax extenders for individuals and businesses. Year-end tax legislation delays two excises taxes and one fee under the Affordable Care Act: the excise tax on high dollar health plans, the medical device excise[...]

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IRA Owner Dies After Start of Required Minimum Distributions

I recently ran into a situation where an IRA owner did not designate an IRA beneficiary and carelessly left his IRA in his estate. If the individual for whom the IRA was maintained dies on or after his or her[...]

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Health Savings Accounts

A health savings account (HSA) is a custodial account established for the exclusive purpose of paying for qualified medical expenses of the account beneficiary.  HSAs can be established by employees or through an employer’s cafeteria plan To be eligible to[...]

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American Opportunity Credit

May 2011 The American Opportunity Tax Credit is a refundable tax credit for undergraduate college education expenses. This credit provides up to $2,500 in tax credits on the first $4,000 of qualifying educational expenses. The tax credit is scheduled to[...]

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TIGTA Discovers IRS Did Not Tell Qualified Taxpayers About Penalty Waivers

TIGTA, Ref. No. 2012-40-113 The IRS failed to inform approximately 1.45 million taxpayers that they qualified for relief from failure to file (FTF) and failure to pay (FTP) penalties, the Treasury Inspector General for Tax Administration (TIGTA) recently reported. The[...]

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