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The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA fundamentals 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 covered […]

Under the Fair Labor Standards Act, whether employees should receive on-call pay depends on whether the time spent on call qualifies as “hours worked.” If so, employees must receive at least the federal minimum wage for each hour spent on call, plus overtime for all work hours over 40 for the week.  Whether on-call time […]

Nearly everyone has received an email, text or phone call that sounds legitimate but is a scam. Scammers have gotten quite sophisticated, and even savvy individuals have been taken in. As reported in the FBI’s Internet Crime Report, more than $10 billion in losses from online scams were reported to the FBI in 2022, the […]

President Biden has announced a new student loan relief program. According to the White House, the new program will “provide targeted debt relief to address the financial harms of the pandemic, fulfilling the President’s campaign commitment. The Department of Education will provide up to $20,000 in debt cancellation to Pell Grant recipients with loans held by […]

The ‘Fear of Missing Out’ Syndrome The fear of missing out on the latest hot investments is a primal emotion that can play havoc with investment portfolios. The irrepressible urge to keep up with the Joneses infects financial markets just as it pervades daily life.  We yield to temptation to check out today’s trendy restaurants […]

The Tax Cuts and Jobs Act (TCJA) was signed into law at the end of 2017. These new laws and regulations could have a major impact on your individual and business tax planning. Below are some questions and answers that may be applicable to your tax situation. This is the right time to take advantage […]

Technology is tricky. Much of today’s software is engineered so well that it will perform adequately for years. But new and better features are being created all the time. And if you’re not getting as much out of your financial data as your competitors are, you could be at a disadvantage. For these reasons, it […]

By: Heather R Cunningham Over the past several years, tax-related identify and refund fraud has become much more prevalent.  Identity thieves file tax returns using stolen social security numbers and claim false refunds.  They often file electronically and early in the year before the IRS is able to verify the information being submitted, and before […]

by: Franco DiLiberto, CPA Time is flying, and the end of the year is quickly upon us.  With distractions like the holiday season, it can be easy for individuals to lose focus on opportunities to reduce your tax bill in the spring.  To assist you, we have compiled a list of our Top 7 tax […]

by: Graham Blackburn Throughout history, people have harbored a certain degree of anger and fear for tax collectors.  The modern day IRS is not too different.  It’s a massive organization tasked with implementing a tax system that is simultaneously complicated and impactful.  The dreaded IRS audit is the primary source of fear, but with a […]