A Health Savings Account (HSA) offers tax-advantaged funding of health care costs. If you have a qualified high-deductible health plan, you can contribute to an HSA sponsored by your employer or set up by you. You own the account, which can bear interest or be invested. It can grow tax-deferred, similar to an IRA. Withdrawals for qualified medical expenses are tax-free, and you can carry over a balance from year to year.
IRS, Treasury unveil proposed W-4 design for 2020 | Internal Revenue Service http://bit.ly/2Z67TXs
Tax transcript tips for those filing a FAFSA for the 2019-2020 college semesters | Internal Revenue Service http://bit.ly/2X6ZK40
IRS now billing those who filed for 2018 but didn’t pay; many payment options available | Internal Revenue Service http://bit.ly/2Z1ug0r
If payroll taxes withheld from employees’ paychecks aren’t remitted to the IRS, a severe tax penalty can be personally imposed on “responsible” individuals. The IRS can assess a penalty of 100% of the unpaid tax amount on shareholders, owners, directors, officers, employees and others. The Trust Fund Recovery Penalty (or “100% Penalty”) is assessed when there’s a willful failure to collect and pay over to the IRS taxes that are withheld from employees.
Cross-training employees can help protect your not-for-profit’s finances and operations. The process involves teaching staffers to do each other’s jobs so that critical functions aren’t interrupted when there are unplanned long- and short-term absences. An employee who’s temporarily filling in for someone else can also bring a new perspective to the position and may help deter occupational fraud. Staffers can benefit by gaining new skills and learning more about your organization. Just make sure they understand that cross-training doesn’t mean their jobs are in jeopardy.
IRS continues campaign to encourage taxpayers to do a Paycheck Checkup; use Withholding Calculator to help get right amount for 2019 | Internal Revenue Service http://bit.ly/2X91o90
The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined compared with prior years. Overall, just 0.59% of individual tax returns were audited (down from 0.62% in 2017). This was the smallest number of audits conducted since 2002. However, even though a small percentage of returns are being chosen for audit these days, that will be little consolation if yours is one of them. The easiest way to survive an IRS audit is to prepare.
All taxpayers should plan ahead for natural disasters | Internal Revenue Service http://bit.ly/2W5aEXc
HBL CPAs is a full-service Certified Public Accounting firm based in Tucson, Arizona. HBL has been providing tax services, accounting services, auditing and attestation services, consulting services, and various other services since 1973.
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