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IRS Alert: Beware of Companies Misrepresenting Nutrition, Wellness and General Health Expenses as Medical Care for FSAs, HSAs, HRAs and MSAs

This article was published by the IRS.Amid concerns about people being misled, the Internal Revenue Service is reminding taxpayers and health spending plan administrators that personal expenses for general health and wellness are not considered medical expenses under the tax law. This means personal expenses are not deductible or reimbursable under health flexible spending arrangements, health [...]

IRS Webinar: Form 1099-K Third Party Payment Network Transactions

People can now access a free recording of the 2023 IRS Form 1099-K webinar. This webinar has important info for both tax professionals and for anyone who receives a Form 1099-K, including people who use popular payment apps and online marketplaces. The webinar covers: Friends and family transactions. How to report 1099-K amounts on a 2023 [...]

Employee Retention Credit

If you're having second thoughts about your Employee Retention Credit, you may be able to fully withdraw your claim if the IRS hasn't paid it, or if you've received a check but haven't cashed or deposited it. For more information, visit IRS.gov/withdrawmyERC.

Some Things to Know about Crowdfunding and Taxes

This article was published by the IRS. Crowdfunding is a popular way to raise money online. People often use crowdfunding to fundraise for a business, for charity, or for gifts. It's important to know that money raised through crowdfunding may be taxable. Some money raised through crowdfunding may be considered a gift. Under federal tax law, [...]

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