HSA Contribution Limit For Two Plans Or Mid-Year Changes

We all know that to be able to contribute to an HSA you need to have an HSA-eligible high deductible health plan (HDHP) and no other coverage. The HSA contribution limit looks quite straight-forward at first glance. There’s one limit for individual coverage, and there’s another limit for family coverage, which is about double the limit for [...]

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Dangerous W-2 Phishing Scam Evolving; Targeting Schools, Restaurants, Hospitals, Tribal Groups and Others

WASHINGTON – The Internal Revenue Service, state tax agencies and the tax industry issued an urgent alert today to all employers that the Form W-2 email phishing scam has [...]

Penalty for late filing of 1099 forms – updated from 2016 tax year

  Large Businesses with Gross Receipts of More Than $5 Million and Governmental Entities Time returns filed/furnished Returns due 01-01-2011 thru [...]

10 Things To Know About Taxes On Legal Settlements

Your car got rear-ended at a red light. Your contractor did shoddy work on your condo. You were unfairly fired. If you'’re collecting a settlement or judgment, is it taxable [...]

New Due Date for FBARs

The new annual due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts is April 15.  This date change was mandated by the [...]

MyTaxFranchisor Launches New Franchise Opportunities: MyTaxFiler and myStartupCFO

MyTaxFiler and myStartupCFO have joined hands with MyTaxFranchisor to provide exciting franchise opportunities for enterprising individuals to help them build their own [...]

Are Gifts to Your Spouse Taxable? It Depends

Are gifts made to your spouse subject to the federal gift tax? Like a lot of questions regarding taxation, the answer is, "It depends." A gift to your spouse may be taxable if [...]

IRS Warns of New Scam – the Federal Student Tax

The Internal Revenue Service has issued a warning to taxpayers about bogus phone calls from IRS impersonators demanding payment for a non-existent tax, the "federal student [...]

Wages Paid to Children

Business deductions are allowed under IRC section 162(a) when they are ordinary and necessary expenses paid or incurred in carrying on a trade or business. The determination [...]

Does Rent Paid to a Corporation Qualify for a 1099?

Corporations, as separate legal entities, can deduct most of what they pay for outsourced functions, including space costs, as a legitimate business expense. Space costs [...]

How this Wall Street analyst used woman-power to build a financial consultancy services startup

Startups are born out of brilliant ideas and sometimes these ideas are backed by solid expertise. However, companies cannot run with just a great idea and technical know-how. [...]