Genetic testing added to growing list of deductible expenses In recent years when presented with the opportunity, the Internal Revenue Service (IRS) has identified a number of expenses as qualifying medical expenses for purposes of the itemized deduction for medical expenses or for qualified distributions from health savings accounts or flexible spending accounts.
In New Jersey, the Senior Freeze Program reimburses eligible senior citizens and disabled persons for property tax or mobile home park site fee increases on their principal residence. To qualify, you must meet all the eligibility requirements for each year from the base year through the application year (the current application year is 2018).
The Internal Revenue Service announced today the mailing of a time-limited settlement offer for certain taxpayers under audit who participated in abusive micro-captive insurance transactions.
The Internal Revenue Service announced the opening of the application period for the 2020 Compliance Assurance Process (CAP) program.
The Treasury Department and the Internal Revenue Service released final regulations and additional proposed regulations under section 168(k) of the Internal Revenue Code on the new 100% additional first year depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service by the business.
New in 2020, employers that qualify can set up “individual coverage” health reimbursement arrangements (HRAs). Employers will also be able to set up “excepted benefit HRAs.” HRAs involve employee accounts through which employers can reimburse certain health costs.
Employers who provide paid family and medical leave to their employees might qualify for a credit that can reduce the taxes they owe. It’s called the employer credit for family and medical leave.
Starting a business can be very rewarding. It can also be a little overwhelming. From business plans to market strategies, and even tax responsibilities… there are many things to consider. Here’s what new business owners can do to help get off to a good start.
The Taxpayer First Act (July 1, 2019) is considered the most significant tax legislation focused on Internal Revenue Service (IRS) reform since the IRS Restructuring and Reform Act of 1998.
The IRS recently announced it is automatically waiving the estimated tax penalty for eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver. Many business owners, especially self-employed individuals who received income subject to withholding, would qualify for this relief.