Category Archives: Tax
IRS Releases Final Rule to Fix ACA’s Family “Glitch”
On October 13, 2022, the IRS finalized regulations (the “Final Rule”) intended to revise the method of determining affordability under the Affordable Care Act (ACA) for an employee’s family members by considering whether the coverage offered by the employer to … Continue reading
Face Masks and Other PPE Treated as Deductible Medical Expenses
The Internal Revenue Service has issued Announcement 2021-7, clarifying that amounts paid for certain personal protective equipment (PPE)—such as masks, hand sanitizer and sanitizing wipes—used for the primary purpose of preventing the spread of coronavirus (COVID-19) are deductible medical expenses. … Continue reading
Key HSA Features – 2021 Compliance
Health savings accounts (HSAs) are a popular type of tax-advantaged medical savings account available to individuals enrolled in high deductible health plans (HDHPs). Individuals can use their HSAs to pay for expenses covered under the HDHP until their deductible has … Continue reading
New Details On The Cares Act
Written by: John D. Martin, CPA J. Martin & Company, PC On Friday, March 27th, President Trump signed into law the Cares Act. With this passage and additional analysis on the Families First COVID-19 Response Act, we are beginning … Continue reading
Congress Agrees to $2 Trillion Coronavirus Relief Bill
On Wednesday, March 25, 2020—after days of debate—Congress agreed to a $2 trillion economic rescue package designed to provide financial assistance to Americans and their families, and billions of dollars in loans for businesses. Voting is expected midday. The package … Continue reading
Congress Repeals UBIT on Non-Profits with Transit Plans
Congress Repeals Unrelated Business Income Tax for Tax-Exempt Entities Offering Qualified Transportation Fringe Benefits As part of the Further Consolidated Appropriations Act, 2020 (the “Act”), Congress repealed Section 512(a)(7) of the Internal Revenue Code of 1986 (the “Code”). This Code … Continue reading
