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 [...]

2024 Flexible Spending Arrangement Contribution Limit Rises by $150

This article was published by the IRS. During open enrollment season for Flexible Spending Arrangements (FSAs), the Internal Revenue Service reminds taxpayers that they may be eligible to use tax-free dollars to pay medical expenses not covered by other health plans through their FSA. For 2024, there is a $150 increase to the contribution limit for [...]

How to Opt in and Contribute to Paid Family and Medical Leave as a Self-Employed Individual

This video tutorial will show you how to opt in and choose to participate in the Paid Family and Medical Leave program, and make contributions as a self-employed individual in MassTax Connect. Please note that you must first submit the self-employed notice of election found on the Paid Family and Medical Leave coverage for self-employed individuals [...]

Looking Ahead: How the American Rescue Plan Affects 2021 Taxes, Part 1

This article was published by the IRS. This is the first of two tax tips providing an overview of how the American Rescue Plan may affect some individual's 2021 taxes. Child and dependent care credit increased for 2021 only The new law increases the amount of the credit and the percentage of employment-related expenses for qualifying [...]

IRS Provides Guidance on Premium Assistance and Tax Credit for Continuation Health Coverage

This article was published by the IRS. The Internal Revenue Service has provided guidance on tax breaks under the American Rescue Plan Act of 2021 for continuation health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA). Notice 2021-31 provides guidance for employers, plan administrators, and health insurers regarding the new credit available to [...]

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