Changes to Health Care Spending Available Under CARES Act

This article was published by the IRS.  New rules under the CARES Act provide flexibility for health care spending that may be helpful in the current environment where more people may need at-home services due to measures to fight the coronavirus. Telehealth and High Deductible Health Plans Under the CARES Act, a high deductible health plan [...]

Town of Plymouth’s “COVID-19 Daily Update” – June 22, 2020

In this week’s Monday episode (June 22, 2020) of the Town of Plymouth’s “COVID-19 Daily Update,” Heather reported that there was a lot of movement in various initiatives over the past week. The SBA finally updated their website to include the new PPP loan forgiveness application, as well as the EZ version of the application. The [...]

Important Tax and Business Resources During COVID-19

With stay-in-place guidelines extended due to the continuing spread of coronavirus, our offices will remain closed to the public at least through April 30, 2020. We have (understandably) been receiving many questions from our clients about taxes, as well as asking for clarification about recently enacted legislation impacting both individuals and small businesses. Unfortunately, we do [...]

Taxpayers Must Report Health Care Coverage on 2018 Tax Return

The following article was published by the IRS. As taxpayers are completing their 2018 tax returns this year, they must complete the lines related to health care. For tax year 2018, the IRS will not consider a return complete and accurate if individuals do not do one of the following on their return: Report full-year health [...]

HSA + 401(k): Plan for a Healthy Retirement

[youtube https://www.youtube.com/watch?v=Y22JUmL5-o8] A well-known, common retirement savings vehicle is the 401(k). This account allows future retirees to set aside money in a tax-advantaged way to pay for expenses in retirement. But will this 401(k) be enough for most people to pay for retirement PLUS their healthcare expenses? Enter the HSA, or Health Savings Account. Sure, you [...]

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