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IRS releases 2021 amounts for Health Savings Accounts

  • May 26th, 2020

2020 – 05/26 The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is…

Attuning your social media strategy to the pandemic

  • May 26th, 2020

2020 – -5/20 Social media for business: Your time has come. That’s not to say it wasn’t important before but, during the novel coronavirus (COVID-19) pandemic, connecting with customers and prospects via a popular platform is essential to maintaining visibility, building goodwill and perhaps even generating a bit of revenue. What’s challenging is that the…

FAQ: Economic Impact Payment

  • May 19th, 2020

2020 – 05/13 Taxpayers have many questions regarding Economic Impact Payments (EIPs) and the IRS is answering some of them in FAQs on its website. Specifically, individuals are wondering whether an EIP is considered taxable income. The IRS said it’s not, and taxpayers won’t owe tax on it. In addition, the payment won’t reduce taxpayers’…

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