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IRS FAQs Address Medical Expenses Related to Nutrition, …

WEBThey do not include expenses that are merely beneficial to general health. On March 17, the IRS posted FAQs in IR-2023-47 that address whether certain costs related to …

Actived: 8 days ago

URL: https://www.parkertaxpublishing.com/public/irs-medical-expenses.html

Two-Percent S Corp Shareholders by Attribution May Deduct …

WEBIn Rev. Rul. 91-26, the IRS ruled that accident and health insurance premiums paid or furnished by an S corporation on behalf of its 2-percent shareholders in consideration for …

Category: Health Go Health

IRS Expands Cafeteria Plan Change-in-Status Rules in Connection …

WEBThe IRS expanded the application of the permitted change-in-status rules for health coverage under Code Sec. 125 cafeteria plans in order to allow participants to revoke an …

Category: Health Go Health

Taxpayer Can Deduct Payments for Alternative Medical Care.

WEBMalev's doctor further recommended "integrative medical care." Integrative medicine, according to Duke University, is an approach to care that puts the patient at the center …

Category: Medical, Medicine Go Health

21st Century Cures Act Allows Small Employers to Offer Health

WEBQualified Small Employer Health Reimbursement Arrangements. Section 18001 of the 21st Century Cures Act amends the Code, ERISA, and the ACA to exempt qualified small …

Category: Health Go Health

Taxable Income Includes Cash Rewards and Premium …

WEBThe health screenings and other medical care as defined under Code Sec. 213(d) provided to employees by the program are excluded from the employees' income under Code …

Category: Medical Go Health

In-Depth: Supreme Court Upholds Premium Tax Credits to …

WEBBurwell, 2015 PTC 210 (S. Ct. 2015), the Supreme Court upheld the use of tax credits for health insurance purchased on any Exchange created under The Patient Protection and …

Category: Health Go Health

IRS Provides Transition Relief from Staggering $36,500 per …

WEBIRS Provides Transition Relief from Staggering $36,500 per Employee Healthcare Penalty. (Parker Tax Publishing March 3, 2015) The IRS has provided …

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IRS to End Section 4980D Healthcare Penalty Relief on June 30.

WEBIn Notice 2015-17, published February 18, 2015, the IRS provided transition relief, set to expire on June 30, from the assessment of $100 per day, per employee …

Category: Health Go Health

Tax Court Allows Alimony Deduction for Health Insurance …

WEBOn his 2015 Form 1040, Charles excluded from his gross income the total amount of health care coverage premiums he and Cynthia received through his employer's cafeteria plan …

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IRS Guidance Attempts to Resolve Circular Relationship Between …

WEBAccording to the IRS, taxpayers can determine the Code Sec. 162 (l) deduction and the Code Sec. 36B tax credit using any method, provided that the amounts claimed satisfy …

Category: Health Go Health

Tax Court Questions Whether Sale of Residence Was Due to Wife's …

WEBCatherine's health problems immediately became a financial challenge, and she took out a line of credit on the property, which the Weberts used to pay for medical insurance …

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IRS Issues Inflation-Adjusted Amounts for 2022.

WEBSmall Employer Health Insurance Credit. Under the small business health care tax credit, the maximum credit for 2022 is phased out based on the employer's number of full-time …

Category: Health Go Health

2022 Year-End Tax Planning for Individuals. Client Letter Included.

WEBTwo of the most favorable changes contained in the 2022 IRA that are beneficial for individuals are (1) a three-year extension of expanded Affordable Care Act health …

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Partnership Tax Insurance Premiums Are Nondeductible.

WEBFor this reason, a partnership may not deduct its tax insurance premiums under Code Sec. 162 (a). The Office of Chief Counsel also found that the tax insurance premiums are not …

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IRS Clarifies Rules for 2021 Employee Retention Tax Credit

WEBIn Notice 2021-23, the IRS provides that eligible employers may continue to access the employee retention credit for the first and second calendar quarters of 2021 before filing …

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IRS Issues Annual Per-Diem Guidance for 2023-2024.

WEBIRS Issues Annual Per-Diem Guidance for 2023-2024. The IRS announced the special per diem rates effective October 1, 2023, which taxpayers may use to substantiate the …

Category: Health Go Health

2023 Year-End Tax Planning for Businesses. Client Letter Included.

WEBThe SECURE 2.0 Act expanded this credit for employers with 50 or fewer employees. Beginning in 2023, such employers can claim the credit for 100 percent of their plan …

Category: Health Go Health

CPA Sample Client Letter: Year-End Tax Planning for Individuals.

WEBMedical Expenses, Health Savings Accounts, and Flexible Savings Accounts. As a result of the COVID-19 pandemic, a number of individuals have incurred more …

Category: Medical Go Health

CPA Sample Client Letter: 2023 Year-End Tax Planning for …

WEBMedical Expenses, Health Savings Accounts, and Flexible Savings Accounts. For 2023, your medical expenses are deductible as an itemized deduction to the extent they …

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CPA Sample Client Letter: Inflation Reduction Act (Individuals).

WEBA health insurance subsidy is available through a premium assistance credit for eligible individuals and families who purchase health insurance through Exchanges offered …

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CPA Sample Client Letter: Requirement to File Forms 1099.

WEB(2) at least $600 in rents, prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, or, generally, the cash paid from a notional …

Category: Medical Go Health

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